Shares in LG Energy Solution Ltd. jumped on their first day of trading, after the world’s No. 2 maker of electric-vehicle batteries raised about $10.6 billion in South Korea’s largest-ever initial public offering.
By midmorning Thursday in Seoul, LG Energy shares had gained 66.5% from their IPO offer price to reach 499,500 South Korean won per share, or the equivalent of about $415.
LG Energy, which supplies batteries to
had raised about 12.75 trillion won, or the equivalent of about $10.6 billion, through the share sale. The deal was heavily oversubscribed, with investors placing orders far in excess of the shares on offer, and the IPO gave LG Energy a market capitalization of about $59 billion.
The company is the industry’s biggest player after China’s
or CATL. While CATL largely caters to its home market, its South Korean counterpart has made its dominance in Europe and aggressive U.S. investments a pitch to investors.
Write to Frances Yoon at firstname.lastname@example.org
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8