LG Energy Solution Makes Strong Debut in South Korea
January 26 2022 - 8:03PM
Dow Jones News
By Kwanwoo Jun
LG Energy Solution Ltd. shares surged in their debut on South
Korea's stock exchange Thursday after a record initial public
offering.
The listing of the electric-vehicle battery supplier for General
Motors Co., Tesla Inc., Volkswagen AG and Hyundai Motor Co.
followed a near $11 billion IPO--the largest ever in South
Korea.
LG Energy shares opened at 597,000 won ($498.53) in their first
day of trading, almost doubling the IPO price of KRW300,000.
The strong debut has made LG Energy the second-biggest listed
company in South Korea with an estimated market capitalization of
more than KRW120 trillion, behind that of tech giant Samsung
Electronics Co.
LG Energy and parent LG Chem Ltd. earlier this month sold a
combined 42.5 million LG Energy shares to raise KRW12.750 trillion
in a heavily oversubscribed IPO, eclipsing the previous record of
KRW4.9 trillion set by Samsung Life Insurance Co. in 2010.
LG Energy plans to use a bulk of the proceeds to boost its
electric-vehicle battery output as it seeks to overtake the world's
top battery maker, Contemporary Amperex Technology Co. of China, in
terms of market share.
GM and LG Energy agreed Tuesday to jointly build a $2.6 billion
EV battery factory in Michigan--the third such joint-venture
project in the U.S. following one in Ohio and another in
Tennessee.
LG Energy shares were last trading at KRW490,000.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
January 26, 2022 19:48 ET (00:48 GMT)
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