LG Powercom Corp., South Korea's third-largest provider of high-speed Internet service, may raise as much as 169.4 billion won ($148 million) in an initial share sale, the Korea Exchange said.
LG Powercom submitted an application today, the stock exchange said in an e-mailed statement. LG Powercom hired Woori Investment & Securities Co. as the sale arranger, according to the exchange.
LG Dacom Corp., which owns 45 percent in Powercom, has said it plans to merge with the company in the ``longer-term.'' Korea Electric Power Corp. (015760) holds a 43 percent stake and SK Telecom Co. has 5 percent, according to Powercom's latest financial statements.
Powercom's second-quarter profit rose 30 percent to 10.9 billion won ($9.5 million) on sales of 315.4 billion won.
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