Organic light-emitting diode (OLED) materials maker SFC has passed the Korea Exchange’s preliminary review for a listing on the Korea Composite Stock Price Index (KOSPI) market and could go public as early as late November.

According to industry sources on Oct. 15, SFC received preliminary listing approval from the Korea Exchange that day, nearly three months after submitting its application on July 24.

SFC had initially planned to receive approval in early October and list in early November. However, the review took longer than expected, pushing its target listing date back by about a month to late November. The listing could also slip into early December, depending on the subsequent public offering schedule.

SFC will begin investor relations (IR) presentations for domestic and overseas institutional investors next week. The company will assess investor demand before proceeding with the filing of its securities registration statement, institutional bookbuilding and public subscription. The offering size and price have yet to be determined. Mirae Asset Securities is the lead underwriter, with Korea Investment & Securities serving as co-underwriter.

SFC produces host and dopant materials used in blue OLED emissive layers. Samsung Display is its largest customer. The company reported revenue of 160.8 billion won and operating profit of 21.7 billion won last year. Japan’s Hodogaya Chemical is its largest shareholder, followed by an investment fund established by Samsung Venture Investment.

SFC plans to use the proceeds from its listing to develop next-generation OLED emissive materials and expand its semiconductor and biomaterials businesses. In semiconductor materials, the company has been registered as a first-tier supplier to a major customer and is conducting mass-production evaluations and supplying samples. The business has also begun generating some revenue.