LG Energy Solution eyes $10.8bln in IPO

RIYADH: Electric vehicle manufacturer LG Energy Solution aims to raise up to 12.75 trillion won ($10.8 billion) in what could be South Korea’s biggest initial public offering, Bloomberg reported.

The company plans to issue 34 million shares at a price between 257,000 won and 300,000 won each.

Stock trading will begin on Jan. 27, 2022 in which retail and institutional investors can subscribe on Jan. 18 and 19, with 20 percent shares allocated to the company’s employees, the IPO prospectus showed.

The offering is expected to bring the battery maker’s market value to 70 trillion won, to top Samsung Life Insurance’s $4.4 billion in the 2010’s IPO — the country’s largest record to date.

LG Energy could be South Korea’s third most valuable company after Samsung SDI Co. and SK Innovation Co., which are valued at 48 trillion won and 19 trillion won, respectively.

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