Second attempt to list on stock exchange after IPO bid aborted in 2018
Domestic fuel demand picking up, Middle distillate cracks improving
Low interest rates, easy monetary stance to support investor sentiment
South Korean oil refiner Hyundai Oilbank plans to list its shares on the country’s main bourse next year as the fuel producer aims to take full advantage of the country’s upbeat oil demand recovery outlook and strong refining margins, while favorable capital market conditions amid low interest rates bode well for raising funds.
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Hyundai Oilbank’s board members have approved a plan to push for an initial public offering, or IPO, some time in 2022, a company official told S&P Global Platts.
Hyundai Oilbank is owned 74.13% by Hyundai Heavy Industries Holdings that runs South Korea’s top shipbuilder Hyundai Heavy Industries, while Saudi Aramco holds a 17% stake as the second-biggest shareholder.
Hyundai Heavy Industries Holdings said its board has also approved the refining subsidiary’s IPO plan.
This is the second attempt to list Hyundai Oilbank on South Korea’s stock exchange after the refiner aborted its first IPO bid in late 2018 in the wake of a deal by Hyundai Heavy Industries to sell a 17% stake in Hyundai Oilbank to Saudi Aramco in January 2019 for $1.24…