Gadget

LG Energy Solution raises $ 10.8 billion in South Korea’s largest IPO

LG Energy Solutions (LGES), a Korean battery maker, has raised $ 10.8 billion in an initial public offering (IPO), raising record demand for transactions in South Korea, the company said on Friday. Told.

The price of LGES shares is 300,000 won (about 18,710 rupees) each, raising 12.8 trillion won (about 79,840 rupees), which is the upper limit announced in the submission to the regulatory agency last month.

The listing, which is scheduled to take place on January 27, will be the largest in the country following Samsung Life’s 4.8 trillion won (about 29,945 rupees) IPO in 2010.

With a price of 70.2 trillion won (about 4,37,930 rupees) for LGES, it is the third most valuable company in South Korea after Samsung Electronics and SK Hynix.

LG Chem’s battery subsidiary, GES, supplies Tesla, General Motors and Volkswagen AG, among other automakers.

According to LGES filings, a total of 1,988 domestic and foreign institutional investors bid, with a record high of $ 12.8 trillion (about 9,48,77,180 rupees).

According to LGES, IPO institutional investors have been covered 2,023 times, the largest IPO in history in South Korea.

LGES will provide 34 million new shares in the IPO and parent LG Chem will provide 8.5 million existing shares.

After listing, the parent company will own 81.8% of LGES.

IPO sales of battery-powered electric vehicles (EVs) estimated to be 2.5 million units in 2020 will more than 12 times increase to 31.1 million units by 2030, nearly one-third of new vehicle sales. It is predicted to occupy. Deloitte, a consulting firm.

Analysts said they are closely watching how LGES IPOs and their shares will be traded later this month to assess the health of the 2022 IPO market.

South Korea saw the hottest IPO market on record last year. According to the Korea Exchange, more than 20 companies have been listed on the major KOSPI market, raising about 17 trillion won, surpassing the past record of 8.8 trillion won raised in 2010.

© Thomson Reuters 2022


Stay tuned for the latest updates on the Consumer Electronics Show for Gadgets 360 on the CES 2022 hub.

https://gadgets.ndtv.com/transportation/news/lg-energy-solutions-lges-usd-10-8-billion-in-south-korea-biggest-ipo-share-price-2708288#rss-gadgets-all LG Energy Solution raises $ 10.8 billion in South Korea’s largest IPO

Back to top button