(Recasts throughout, updates with details and background in paragraphs 2-7)
Sept 27 (Reuters) - South Korea's auto marketplace Encarsales.com is considering an initial public offering, its Australian parent, Carsales.com, (CAR) said on Wednesday.
Encarsales.com has filed an eligibility review application with the Korean Exchange for an IPO, the Australian online auto classifieds firm said, as the South Korean unit sought to elevate its local appeal.
Carsales will retain a 90% stake in its South Korean unit, if the proposed share sale proceeds.
"Carsales expects to evaluate the merits of an IPO over the course of the year," it said in an after market filing.
The Australian company expanded operations to South Korea, taking full control of the Encarsales.com joint venture in 2017.
Carsales flagged it has not yet reached a final decision on the IPO and said it will only pursue one if it serves the best interest of shareholders.
Earlier this month, South Korea saw a slew of IPO proposals, including from collaborative robots company Doosan Robotics, and Hyundai Global Service, backed by private equity giant KKR KKR.N .
Shares of Carsales.com closed 0.86% down on Wednesday.
News: CAR UPDATE 1-Australia's carsales.com mulls IPO for South Korean unit
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Mkt cap ! $13.98B | |||
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