- HHI seeks $930M IPO to fund eco-friendly ship tech
- the shipbuilder plans to offer 18 million new shares at a price ranging from KRW 52,000 to KRW 60,000 each
Hyundai Heavy Industries (HHI) has decided to raise capital amounting up to KRW 1.08 trillion in an effort to fund the development of eco-friendly vessel technologies says an article on Offshore Energy.
To fund eco-friendly ship tech
South Korean shipbuilder Hyundai Heavy Industries (HHI) has decided to raise capital amounting up to KRW 1.08 trillion (about $932.8 million) in an effort to fund the development of eco-friendly vessel technologies.
Seeks initial public offering (IPO)
As a fundraising method, HHI, part of Korea Shipbuilding & Offshore Engineering Co. (KSOE), would use an initial public offering (IPO). HHI has submitted the application to the South Korean government’s top financial regulator, the Financial Services Commission (FSC), according to Yonhap News Agency.
2030 Green Ship-K Initiative
The recent move is in line with South Korea’s ambitious initiative promoting eco-friendly ship technologies. Unveiled in December 2020, the 2030 Green Ship-K Initiative aims to align policies with the country’s Green New Deal and establish a brand image of a Korean eco-friendly ship.
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Source: Offshore Energy
