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LG Energy Solution debuts after US$13 trillion frenzy in South Korea's biggest IPO

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SEOUL: Shares of battery maker LG Energy Solution Ltd (LGES) debut on Thursday after South Korea\u0027s biggest-ever initial public offering (IPO) attracted bids worth US$13 trillion, underscoring upbeat prospects for the electric vehicle industry. LGES priced its 12.8 trillion won (US$10.7 billion) IPO at the

SEOUL: Shares of battery maker LG Energy Solution Ltd debut on Thursday after South Korea's biggest-ever initial public offering attracted bids worth US$13 trillion, underscoring upbeat prospects for the electric vehicle industry.

Spun out of LG Chem Ltd, the firm commands more than 20 per cent of the global EV battery market and supplies Tesla Inc, General Motors Co and Volkswagen AG among others.Its trading debut will set the tone for upcoming IPOs in South Korea as retail investors - known as"ants" - have flocked to the stock market with liquidity aided by the government's stimulus policy during the COVID-19 pandemic.

More than 4.4 million retail investors bid a record 114 trillion won to subscribe to shares in the IPO, Asia's largest equity fund raising since Alibaba raised US$12.9 billion in its Hong Kong secondary listing in 2019.More than 20 companies went public on South Korea's main board last year, raising about 17 trillion won, nearly double the previous record of 8.8 trillion won raised in 2010, according to bourse operator Korea Exchange.

 

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