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ADT Caps, South Korea's second largest security services provider, is seeking to raise 300 billion won ($251 million) ahead of its planned initial public offering (IPO) next year, industry sources said on Thursday.

Macquarie Korea Infrastructure Fund-led consortium, the second-largest shareholder of the security services provider, also plans to sell part of its shares in ADT Caps through the pre-IPO placement.

Macquarie holds a 35.1% stake in ADT Caps, while Keistone Partners and Daishin Private Equity hold 6.75% and 3.15% stakes, respectively.

The Macquarie-led consortium is seeking to sell its shares to reduce stock overhang risks. ADT Caps is currently 62.6% owned by SK Telecom and 37.4% by the consortium. Controversy over a stock overhang is inevitable as financial investors’ ownership is high.

ADT Caps also aims to increase its valuation ahead of the planned listing. In 2018, SK Telecom and the Macquarie consortium acquired the company from The Carlyle Group for 2.97 trillion won.

It already boosted its valuation as SK Telecom’s cybersecurity affiliate SK Infosec absorbed Life and Security Holdings, the parent company of ADT Caps, at the end of last year and ADT Caps absorbed SK Infosec in March of this year.

ADT Caps’ corporate value after the merger is reportedly around 2 trillion won, with its valuation reportedly set at 1.7 trillion won and SK Infosec at 300 billion won based on the merger ratio. The valuation has increased by more than 500 billion won over the last three years, but is far below its target IPO valuation of 4 trillion won.

The key to the IPO is to convince investors of its growth potential as its bigger rival S-1 Corp.'s market capitalization is around 3.2 trillion won. (Reporting by Se-hun Jo)