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LG Energy Solution attracts $13 trillion from institutional investors
2022-01-18
LG Energy Solution attracted 15.2 quadrillion won ($13 trillion) from institutional investors for what’s set to be Korea’s biggest initial public offering (IPO) scheduled for Jan. 27.
The IPO price has been set at 300,000 won per share, the very upper end of the price band set between 257,000 won and 300,000 won.
The battery subsidiary of LG Chem said Friday a total of 1,988 institutional investors from home and abroad participated in the two-day book building that ended Wednesday.
“Every single institutional investor that participated in the book building submitted share prices that exceeded 300,000 won per share,” LG Energy Solution said in a release.
The shares were oversubscribed by 2,023 times, the battery firm said.
“We appreciate institutional investors from home and abroad that positively evaluated LG Energy Solution’s potential for sustainable future,” LG Energy Solution CEO Kwon Young-soo said. “We will strive more to become a credible and beloved company by the clients.”
LG Energy Solution, battery supplier for Tesla, Volkswagen and General Motors among others, is offering 42.5 million shares through the scheduled IPO with a plan to raise 12.75 trillion won.
With the share price set at the upper end, its market capitalization is expected to reach 70.2 trillion won, becoming the third biggest company in Korea by market capitalization following Samsung Electronics and SK hynix.
The battery company plans to use the raised funds to expand global manufacturing facilities to take on China's CATL which controls 29 percent of the global electric vehicle battery market. LG Energy Solution controls 22 percent.
Book building for retail investors will run on Jan. 18 and 19.
LG Energy Solution had planned to go public on the Korean bourse last year but delayed the process due to the huge recall of General Motors’ Bolt EVs and EUVs in which the equipped LG batteries were deemed a fire risk due to possible defects.
| 번호 | 기사목록 | 날짜 | 조회수 |
|---|---|---|---|
| 60 |
 |
2024-04-26 | 2299 |
| 59 |
 |
2024-04-25 | 4184 |
| 58 |
 |
2024-04-24 | 4394 |
| 57 |
 |
2024-04-23 | 4359 |
| 56 |
 |
2024-04-22 | 4259 |
| 55 |
 |
2024-04-21 | 4309 |
| 54 |
 |
2024-04-20 | 4209 |
| 53 |
 |
2024-04-19 | 4471 |
