Salem Radio Network News Tuesday, January 25, 2022

Science

LG Energy Solution prices IPO at top of range; raises $10.8 billion -sources

SYDNEY (Reuters) – South Korean battery maker LG Energy Solution (LGES) has priced its initial public offering (IPO) at the top of its indicative range, raising 12.8 trillion won ($10.76 billion), two people with direct knowledge of the matter told Reuters on Friday.

Shares of LGES were priced at 300,000 won, compared with a range of 257,000 to 300,000 won per share announced in a regulatory filing last month.

“We cannot comment on the details of pricing of our IPO at the moment and we plan to announce the pricing via regulatory filing once finalised,” said a spokesperson at LGES.

LGES is scheduled to announce the pricing later on Friday.

LGES https://www.reuters.com/markets/us/lg-energy-solution-battery-maker-behind-skoreas-biggest-ipo-2021-12-07, LG Chem Ltd’s battery subsidiary, supplies General Motor Co and Volkswagen AG, among other automakers.

The pricing values the company at 70.2 trillion won, making it South Korea’s third most-valuable company after Samsung Electronics Co Ltd and SK Hynix Inc.

The listing, which will take place on Jan. 27 according to term sheets, will be the biggest in the country after Samsung Life Insurance Co Ltd’s 4.8 trillion won IPO in 2010.

(Reporting by Scott Murdoch in Sydney and Heekyong Yang in Seoul; Editing by Jacqueline Wong and Christopher Cushing)

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