LG Energy Solutions’ $11Bn IPO Receives Bids Worth $80Bn: Report

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The IPO could take the company’s value to as much as $58.80 billion which would make it South Korea’s third-biggest listed company after Samsung Electronics Co Ltd and SK Hynix Inc

South Korean conglomerate LG Group’s subsidiary LG Energy Solution’s initial public offering (IPO) has received bids worth around $80 billion from institutional investors, a Reuters report while citing sources.

The world’s second-largest electric vehicle battery maker is looking to raise $11 billion in one of South Korea’s largest listings.

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“We are getting the sense that demand has been good, but we cannot confirm or comment on the specific figures,” a spokesman for LGES said in a statement.

At $80 billion, demand is about 13 times more than the $6 billion on offer to institutions, according to the company’s regulatory filings for the IPO.

As per reports, LGES, which is also a supplier to Tesla, Ford and Volkswagen, plans to use the proceeds of the initial public offering to take on China’s CATL which the world’s biggest global battery group.

“We have a wider range of customers not only limited in China, but also in the United States as well as in Europe, while CATL’s growth has been mostly backed by Chinese automakers,” CEO Kwon Young-soo had said during a press conference last year.

The IPO could take the company’s value to as much as $58.80 billion which would make it South Korea’s third-biggest listed company after Samsung Electronics Co Ltd and SK Hynix Inc.

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