SEOUL, March 27 (Yonhap) -- Shares of Hyundai AutoEver Corp., an affiliate of South Korea's Hyundai Motor Group, will be traded on the country's main stock market this week, the bourse operator said Wednesday.
The ICT service provider of the world's fifth largest automotive conglomerate will go public on the KOSPI Thursday after the Korea Exchange (KRX) gave the nod to its listing.
The initial public offering (IPO) price was set at 48,000 won (US$42.3) per share, and the listing could generate around 1 trillion won in fresh capital, according to the KRX.
Hyundai AutoEver has vowed to expand investment in research and development to make a new platform-based service model for the future innovative growth of the whole group.
Established in 2000, Hyundai AutoEver specializes in software development and systems integration, and it has provided IT-related services for the entire group, according to its officials.
During the first nine months of 2018, the company reported sales of 996.5 billion won and operating income of 49 billion won.
Hyundai Motor Co. and related individuals hold a 90.32 percent stake in Hyundai AutoEver. They include Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, who owns a 19.5 percent stake.
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