(Bloomberg) -- The information technology services arm of LG Group is preparing for an initial public offering in Seoul as early as 2025, according to people familiar with the matter.
LG CNS Co.’s debut would mark another potentially large offering by the South Korean conglomerate after the $10.8 billion listing of its battery unit LG Energy Solution Ltd. in 2022. Deliberations over the IT firm’s IPO are ongoing and the timing of the deal may change, the people said, asking not to be identified as the information is private.
A representative for LG CNS said the company hasn’t decided on the timing for the listing. Korea Economic Daily earlier reported on the unit’s plans, noting that its enterprise value is estimated at 7 trillion won.
LG CNS provides cloud, data, security consulting and warehouse management services. For the first three months of the year, LG CNS made a profit of 12.7 billion won on 1.07 trillion won in revenue, according to a regulatory filing.
LG CNS’s IPO would add to South Korea’s pipeline of offerings. Listings in the country have raised $2.14 billion so far 2024, up 51% from the same period last year, according to data compiled by Bloomberg.
--With assistance from Youkyung Lee.
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