LG Energy Solutions (LGES), a wholly-owned subsidiary of South Korea’s LG Chem Ltd, has received preliminary approval for its planned initial public offering (IPO), according to a statement by the Korea Exchange. LGES IPO, which is widely tipped to be the country’s biggest ever, was suspended in August, but the company said in October it had resumed the work on the plan. The IPO is estimated to raise $10 billion to $12 billion, which more than doubles the IPO of Samsung Life Insurance in 2010, which was worth KRW4.9 trillion ($4.39 billion).
LGES is a battery supplier to Tesla Inc, General Motor Co, Hyundai Motor Co and other global major electric vehicle makers. It reported an operating loss of KRW373 billion ($313 million) in the third quarter of 2021, compared to an operating profit of KRW169 billion won a year earlier. The company filed for a review of its IPO plans in June. It has hired Morgan Stanley and KB Securities to lead the deal. Goldman Sachs, Citigroup, Bank of America, Shinhan Investment Corp, and Daishin Securities were selected as book-runners.
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Published on December 1, 2021 4:54 PM (GMT+8)Last Updated on December 1, 2021 4:54 PM (GMT+8)
