For the first three quarters of 2024, LG CNS reported revenues of 4 trillion won ($2.7 billion) and a net income of 233 billion won, with about half of its revenue from cloud and data services. Major clients include LG Electronics and LG Chem, each contributing 21% of 2023 revenues. LG Corp., the holding company for LG Group, is the largest shareholder with a 45% stake, while Koo Kwang-mo, LG Corp.'s chairman and CEO, holds a 1% stake.
Key takeaways:
- LG CNS, an affiliate of LG Group, experienced a nearly 10% drop in its stock market debut in Seoul, ending with a market cap of 5.4 trillion won ($3.7 billion).
- The company's IPO was priced at 61,900 won per share, raising 1.2 trillion won ($825 million), marking the largest IPO in South Korea since LG Energy Solution in 2022.
- LG CNS plans to use part of the IPO proceeds for potential acquisitions, focusing on services related to AI, cloud, and IT systems integration and management.
- For the first three quarters of 2024, LG CNS reported revenues of about 4 trillion won ($2.7 billion) and net income of 233 billion won, with significant contributions from cloud and data-related services.