SPSX, the world's leading magnet wire manufacturer, is considering an initial public offering (IPO) in South Korea.

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SPSX, the world's leading magnet wire manufacturer, is considering an initial public offering (IPO) in South Korea. - Korea Economic Daily

Quick Summary:

Superior Essex Inc.(SPSX), the world’s top magnet wire provider under South Korea’s LS Group, is mulling an initial public offering in its Korean parent’s home country more than 15 years after it left the US Nasdaq market.

Considering that LS Corp.’s Chairman Koo Ja-eun said at Korea’s leading battery exhibition InteBattery 2024 in March that the group was seeking to list one or two more affiliates between LS E-Link and LS MnM IPOs, the US unit is floated as a strong candidate to go public before LS MnM, said sources.LS Corp.is LS Group's holding company controlling Korea’s top wire and cable producer LS Cable & System Ltd., LS Electric Co.and global leading smelter LS MnM Inc.and LS Mtron Co.

DRAG-ALONG RIGHTSSuperior Essex should complete its IPO by 2026 because LS raised funds from Korean private equity firm SKS Credit Co.in August last year in a pre-IPO deal giving the investor drag-along rights, which means they can force the sale of Superior Essex shares to a third party if the US unit fails to go public until 2026.