Hyundai Heavy Industries Plans IPO for Green Tech Investment

South Korean shipbuilder Hyundai Heavy Industries Co Ltd said on Tuesday that it plans an initial public offering (IPO) to raise funds toward a 1 trillion won ($905 million) investment over five years into green technology.

Hyundai Heavy will issue a stake of about 20% in new shares within the year, the shipbuilder said in a statement.

The money will go toward the development and construction of green ships and facilities, advancement of technologies such as dual-fuel propulsion and autonomous sailing ships, as well as toward investments in companies with fuel cell technologies, it said.

The shipbuilder is currently wholly owned by Hyundai Heavy Industries Holdings Co Ltd.

($1 = 1,105.4100 won)

(Reporting by Joyce Lee; editing by Jason Neely)