According to a regulatory filing, SK Innovation has again submitted an application with the Korean Stock Exchange for an initial public offering of SK Lubricants, a wholly owned unit of SK Innovations. Korean Investment & Securities filed the listing documents last Monday February 26 as the lead underwriters.

SK Lubricant will seek fast-track review and IPO license as it meets the eligibility by having had kept up net worth, sales above 700 billion won and profit above 30 billion for the last three fiscal years.

If approved on fast-track exception, the IPO could take place by mid-May.

The filing did not state the amount that SK Innovation hopes to raise, but sources have indicated it could be up to won 2 trillion (U.S. $1.95 billion).

SK Innovation previously considered IPOs for SK Lubricants in 2012 (hoping to raise at least won 1 trillion, possibly won 1.5 trillion) and again in 2015 (this time estimated to be worth won 3 trillion) but nixed the idea both times, stating the time was not right as its financial health had improved.

SK Lubricants, one of the world’s leading producers of API Group III base oil, marketed under the Yubase brand name, also manufactures and markets finished lubricants under the ZIC brand. SK Lubricants operates a lube base oil plant in Ulsan, South Korea with a capacity to produce up to 14,000 barrels per day of API Group II and 26,000 bpd of Group III base oils.

SK Innovation is part of Seoul-based conglomerate SK Group.