SK Shieldus and SoCar file for preliminary review for IPO

Security solution provider SK Shieldus and Korea’s pioneering ride-sharing platform SoCar on Wednesday filed for preliminary review to join the main Kospi bourse, according to stock exchange operation Korea Exchange.

SK Shieldus, a security subsidiary of Korea's largest wireless carrier SK Telecom, was founded in 2000. It had previously changed its name from ADT Caps Co. as part of its goal to become a "life care platform". SK Square, the investment spinoff of SK Telecom that focuses on investments in semiconductors and information and communications technologies, currently holds 63.1% stake in SK Shieldus.

SK Shieldus has recently overturned its current audit system and hired new external directors and audit committee members to emphasize its ESG management ahead of its IPO filing.

SoCar Inc. is Korea’s first car-sharing service platform established in 2011. SoCar achieved unicorn status with a corporate value of 1 trillion won in 2020. Socar’s main shareholder SOQRI and others currently hold a 40.52% stake in the company.

SoCar has converted all of its convertible preferred stocks (CPs) and convertible bonds (CB) into common stocks to strengthen its governance system and has also recruited Kim Seung-yoo, former chairman of Hana Financial Group, to its audit committee in an effort to overhaul its internal management and compliance systems ahead of the IPO filing.

SK Shieldus recorded an operating profit of 1.1 trillion won ($917.7 million) and a net profit of 10.9 billion won ($9.1 million) in the third quarter last year. SoCar posted an operating profit of 21.6 billion won and a net loss of 23.4 billion won in the third quarter last year.

SK Shieldus recruited NH Investment & Securities, JP Morgan, Credit Suisse Group AG as lead managers for its IPO. SoCar’s IPO is lead-managed by Mirae Asset Financial Group.

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