Asia-Pacific Newsweek
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LG CNS, an associate of infotech solutions business of South Oriental billionaire Koo Kwang-Mo’s LG Team, whose stock exchange debuted almost 10% in Seoul on Wednesday. The business finished the day with a market price of 54,000 won (regarding $3.7 billion).
The business’s IPO valued at 61,900 to win the greatest risk in the supply sales variety. The listing elevated 1.2 trillion won (regarding $825 million), making it the biggest IPO in South Korea, which elevated 12.8 trillion won in very early 2022 given that LG Team’s electrical lorry battery arm, the biggest ever before of. LG CNS will certainly make use of a section of the IPO revenue for prospective procurements.
LG CNS, headquartered in 1987, was a joint endeavor in between LG and Electronic Information Equipments, which was after that a subsidiary of General Motors. (EDS was obtained by HP for $13.9 billion in 2008.) The business was relabelled LG CNS in 2002.
LG CNS gives solutions connected to AI, Cloud and IT system assimilation and administration. The business has actually developed IT systems for federal government companies such as the South Oriental National Tax Obligation Solution and the Indonesian Ministry of Financing, along with business such as Kakao Financial Institution and Woori Financial Institution.
In the initial 3 quarters of 2024, LG CNS reported profits of about 4 trillion won (USD 2.7 billion) and internet profits of 233 billion won. Regarding fifty percent of its profits originates from cloud and data-related solutions, such as cloud movement and venture information collection framework. Its biggest customers are 2 LG team business: LG Electronic devices and LG Chem. Both LG business make up 21% of LG CNS’s complete profits in 2023.
The business’s biggest investor is LG Corp., a holding business of LG Team, which has a 45% risk. LG Corp. Chairman and chief executive officer Koo holds a 1% risk in his very own name.
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