Kolon Water & Energy, the energy unit of Kolon Industries, said on Wednesday that it would launch an initial public offering of its shares in the second half of 2015.

The water supply and sewage management company initially planned to undergo screening in preparation for going public last year, but scrapped the plan due to the sluggish stock market conditions.

“We have been preparing for the IPO for more than a year. We don’t expect to see any more setbacks,” an official of Kolon Water & Energy said.

Tongyang Securities was tapped to act as the lead underwriter for the offering.

Finventures, the second-largest shareholder of Kolon Water & Energy with a 36 percent stake, reportedly agreed to relaunch the share sale but suggested that the firm “needs to enhance corporate value.”

The largest shareholder is Kolon Industries with a 59 percent stake.

On Tuesday, Kolon Water & Energy announced its plan to establish a joint venture with Norway’s Aker Solutions on entering the oil and gas solutions business to diversify its portfolio in the energy sector.

Industry sources said the joint venture is to raise its value prior to the IPO but the firm’s official denied this.

“Some says the venture is for the IPO but it took more than three years to sign the deal with Aker Solution,” the official said.

“Kolon Water & Energy has been seeking high value-added business for the water segment and Aker Solution seemed to be a perfect partner.”

By Park Han-na (hnpark@heraldcorp.com)