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(Photo: Hyundai Heavy Industries)
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.