SK ecoplant raises $771 mn in pre-IPO financing rounds

[Source: SK ecoplant Co.]

SK ecoplant Co., an environment-focused engineer under South Korean conglomerate SK Group has sold convertible preferred stock worth 1 trillion won ($771 million) in pre-IPO funding rounds ahead of the initial public offering planned for next year.

The company disclosed Friday it will assign 1,333,334 convertible preferred shares worth 600 billion won to third-party investors, including Premier Partners and IUM Private Equity on July 22. Convertible preferred stock is categorized as an asset under the International Financial Reporting Standards.

The sale follows 400 billion won worth of redeemable convertible preferred shares issued on Thursday.

Through 1 trillion won injection, its debt ratio is projected to go down to around 300 percent at the end of this year from 362 percent in March, said SK ecoplant.

The company plans to use the proceeds from the latest financing round on environment and renewable energy projects.

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