Essex Solutions, wholly owned by Superior Essex Inc.(SPSX), the world’s top magnet wire provider under LS, plans to send requests for proposals to South Korean and foreign brokerage houses to select managers by early 2025 for the listing in either the US or the Asian country, according to the sources.“Essex Solutions is planning to go public in a market, which estimates its value higher,” said one of the sources.“Its enterprise value is estimated at over 2 trillion won, given expectations of a recovery in the electric vehicle market.”The company formerly Essex Furukawa Magnet Wire supplies magnet wire products for EV transaction motors and other components to the world’s second-largest Tesla Inc.and its rivals.
US magnet wire unit of South Korea’s leading electric power, materials and energy conglomerate LS Group is seeking an initial public offering (IPO) next year with an estimated corporate value of 2 trillion won ($1.4 billion), investment banking industry sources in Seoul said on Monday.
Essex Solutions separately seeks to raise $200 million before the planned listing through a rights offering to a consortium of the private equity (PE) unit of South Korea’s Mirae Asset Global Investments Co.and a PE firm KCGI Co.
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