Doosan Bobcat Inc., a mother company of U.S. small construction machinery maker Bobcat Co., is expected to undergo a simplified initial public offering review, or the so-called fast-track procedure, according to sources on Tuesday. If it is granted the fast-track evaluation, its stocks could go public in the Seoul bourse as early as August. The company initially aimed to be listed within this year.

The Korea Exchange currently shortens the IPO review time for a company with equity capital of at least 400 billion won ($335.5 million), sales of over 700 billion won in the company’s stock listing year or average 500 billion won sales in the past three years, as well as an annual net profit of over 30 billion won or a three-year combined net profit of 60 billion won. For a domestic company granted the fast-track status, evaluation will take 20 business days instead of 45 and for a foreign entity 30 days instead of 65.

Since the fast-track procedure was introduced in 2014, only five Korean companies were given a chance to skip a long standard IPO review process. Doosan Bobcat will be the first non-Korean firm to be granted the fast track status once it wins a green light from the Korea Exchange (KRX). Doosan Bobcat is considered an overseas entity as it controls subsidiaries in operation in foreign countries, according to KRX.

A senior KRX official said Doosan Bobcat is likely to meet the preconditions for a faster IPO. The company reported sales of 4.0 trillion won and equity capital of 3.1 trillion won last year. Its net profit will be announced soon.

Doosan Infracore Co., South Korea’s leading machinery maker, established Doosan Bobcat as a special purpose company with an aim to list the American-born small construction machinery unit Bobcat in 2014. U.S. based Bobcat is the largest small machinery manufacturer in the U.S. with its overseas operations in France, the Czech Republic and China.

Doosan Bobcat chose JP Morgan Chase & Co. and Korea Investment and Securities Co. as its underwriters, who are expected to file for a preliminary IPO review on the company’s behalf by May. The company may be able to join the market as early as August on a fast track.

By Yong Hwan-jin

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