South Korean spirits group Jinro is considering an IPO of its Japanese unit, according to reports.

In a report today (19 June), Reuters said Jinro is mulling the move, having dropped plans to sell Jinro Japan. Speaking to the news service, a spokesperson for the company said; "We will focus on rehabilitating its operation. It (the IPO) is one of several options to normalise its (the Japanese unit's) business."

Jinro had been looking to sell the unit, which had previously been valued at around KRW500bn (US$539m), but changed its mind, Reuters noted, when acquisition prices dipped below KRW300bn.

The spokesperson also said that Jinro is considering filing a listing application for itself in Seoul. The listing would probably be filed no later than January next year.

Jinro, which accounted for 52.3% of soju sales in South Korea last year, was placed in receivership in 2003, after its debts rose to KRW1.72 trillion. When the company was put up for auction in early 2005, a consortium led by Hite Brewery Co. emerged victorious, paying KRW3.4 trillion.