Superior Essex Inc. (SPSX), the U.S. cable unit of South Korean electrical equipment giant LS Group, said Friday it has succeeded in attracting some 200 billion won (US$150 million) via a pre-initial public offering (IPO).

Superior Essex Inc. (SPSX) said it is scheduled to sign a contract Tuesday with South Korean fund manager SKS Credit on the private placement of shares in its American communication cable unit SEABL.

The money will be used in paying back SEABL's debt and expanding its business down the road, SPSX said, adding the pre-IPO has put the corporate value of SEABL at around 1 trillion won.

A pre-IPO refers to a private sale of a company's shares in advance of its listing on a public exchange.

SPSX said it will ramp up efforts to further advance SEABL and plans to list the company either on the New York Stock Exchange or the South Korean stock market.

SPSX predicted the global communication cable business to grow fast in the coming years in light of rising demand in North America and Europe.

SPSX, a U.S. cable manufacturer that LS Group acquired in 2008, is the world's top coil maker by sales and the No. 4 manufacturer of communication cables in North America.

Last year, its sales came to about 4 trillion won, up 7 percent from the previous year. Based in Atlanta, Georgia, SPSX has advanced into some 10 countries, including the United States, China, Germany and Italy.

North America is one of the major global business hubs for LS Group, which is aiming to raise its assets to 50 trillion won by 2030.

Source: Yonhap News Agency