LG CNS gets preliminary nod for market debut

LG CNS Co., an information technology (IT) service provider, on Monday received preliminary approval for a stock market debut with its listing likely to take place during the first half.

LG CNS, a unit of South Korea’s No. 4 conglomerate LG Group, had sought for an initial public offering in 2022 but dashed its market debut plan amid the coronavirus pandemic.

Established in 1987, LG CNS, 49.95 percent owned by LG affiliates, is the only unlisted major IT service company in Asia’s fourth-largest economy.

The company’s sales hit a record 5.1 trillion won (US$3.64 billion) last year, up from 4.59 trillion won in 2022 and 3.83 trillion won in 2021.

Last year, the company’s operating income stood at 373 billion won, growing from 317 billion in operating income in 2022 and 275 billion won in 2021.

Market experts expect LG CNS’s market capitalization to hover around 7 trillion won. (Yonhap)