LG Energy Solution raises $10.8 bln in S.Korea’s biggest IPO

South Korean battery maker LG Energy Solution (LGES) has raised $10.8 billion in its initial public offering (IPO).

LGES shares were priced at 300,000 won each. LGES raised 12.8 trillion won ($10.76 billion), toppling Samsung Life Insurance’s 4.8 trillion won IPO in 2010 to become South Korea’s biggest IPO.

The listing will take place on Jan. 27.

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

LGES is LG Chem Ltd’s battery subsidiary and it supplies Tesla Inc, General Motor Co and Volkswagen AG among other automakers.

LGES expects to offer 34 million new shares in the IPO and parent LG Chem plans to offer 8.5 million existing shares.