Reuters, quoting a term sheet, reports that South Korea’s battery maker LG Energy Solution (LGES) has started selling its shares to investors.
The share sale is to raise up to $10.8 billion in South Korea’s largest initial public offering (IPO).
Reuters reports that the shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece.
LGES will be valued at $51 billion to $59 billion, Reuters reports.
Cash generated from the share sale will be majorly used to expand the company’s current production facilities, and to repay debt.
LGES is LG Chem’s battery subsidiary. It supplies Tesla, General Motors, Hyundai Motor Co, among others.
