Electric vehicle battery supplier Tesla to hold largest IPO in South Korean history

In two weeks, South Korea will host the largest IPO in the history of the country. The supplier of batteries for electric vehicles Tesla, General Motors and others will enter the stock exchange. LG Energy Solution to raise nearly 13 trillion won, or $10.8 billion

Electric vehicle battery supplier Tesla to hold largest IPO in South Korean history

On the imminent listing of LG Energy Solution on the Korean Stock Exchange informed Reuters. The placement price of the company’s shares was set at the upper end of the range – 300,000 won, or $251 per share. Bidding will start on January 27th.

In its first public offering, LG Energy Solution will raise $10.8 billion, the largest IPO in South Korean history. At the moment, this status is held by the placement of Samsung Life Insurance – the company raised 4.8 trillion won in 2010.

If successful, LG Energy Solution will receive a capitalization of ~$59 billion and become the third largest company in South Korea after Samsung Electronics and SK Hynix.

LG Energy Solution is a subsidiary of South Korea’s largest chemical company, LG Chem. The subsidiary supplies batteries for electric vehicles to their world’s largest manufacturers – Tesla, General Motors Volkswagen and others.

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Source: RB.RU by rb.ru.

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