Funding Through IPO
LS Automotive, the automotive parts arm of LS Group, announced on March 20 that the company handed in a preliminary examination request to the Korean Exchange to be listed on the stock market.
LS Automotive is the No. 1 company in the domestic market of automotive switches, interior lamps, and relays (electric device controllers).
Last year, LS Automotive’s sales nearly tripled compared to 300 billion won (US$287 million) in sales at the time of its incorporation into LS Group in 2008. Thanks to robust earnings, its position in the group has strengthened as the company changed its name at the end of last year.
"LS Automotive, the successor to Daesung Electric Industry, has been growing rapidly through the diversification of overseas sales channels and products as well as the creation of high added value after its transfer to the LS Group in 2008," said Lee Chul-woo, president of LS Automotive. "We will continue to concentrate on making inroads into global markets by providing additional growth resources, such as building new production facilities, through funding based on the company’s initial public offering (IPO)," the CEO added.