LG Energy Solution sees record retail demand for IPO

Retail investors have placed a record bid for LG Energy Solution IPO.

The investors bid a record 114 trillion won ($96 billion) worth of shares.

4.4 million individual investors placed bids which led to the the retail portion of the initial public offering (IPO) being oversubscribed.

The demand beat the previous record of battery material maker SK IE Technology Co, which drew 81 trillion won of public subscriptions last year.

Reuters estimates that LGES had set aside about 25% of the total shares on offer for retail bidders.

The retail demand comes after the company last week attracted bids worth about $12.8 trillion, also a record, from a total of 1,988 domestic and foreign institutional investors, its filings showed.

The company is expected to list on Jan. 27.

The IPO price values LGES at about 70.2 trillion won ($60 billion) and will make it South Korea’s third most-valuable company after Samsung Electronics Co and SK Hynix Inc.

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