LG Energy Solution, the world’s second-largest electric vehicle battery maker, is preparing to raise $11bn in one of South Korea’s largest listings as it battles Chinese rivals to dominate the market.
The supplier to Tesla, Ford and Volkswagen plans to use the proceeds of the initial public offering to take on Contemporary Amperex Technology (CATL), the world’s biggest global battery group valued at more than $196bn.
LG Energy will offer 34m new shares in a range of Won257,000-Won300,000 a share. At the top of the price range the group will have a market value of Won70.2tn ($59.4bn), making it South Korea’s third-most valuable company after chipmakers Samsung Electronics and SK Hynix.
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