In October, a wholly owned subsidiary of LG Chem Ltd. resumed work on its IPO, which was suspended in August due to a lack of clarity about the recall costs associated with GM’s Bolt electric vehicles.
see photosThe company has mandated KB Securities and Morgan Stanley to lead the proposed deal.
Battery maker LG Energy Solutions (LGES) has received preliminary approval for South Korea’s largest ever initial public offering, the Korea Exchange said on Tuesday.
LGES, a supplier to Tesla Inc., General Motor Co. and Hyundai Motor Co., filed for review of its IPO plans in June.
In October, a wholly owned subsidiary of LG Chem Ltd. resumed work on its IPO, which was suspended in August due to a lack of clarity about the recall costs associated with GM’s Bolt electric vehicles.
LG Energy Solutions reports operating loss of 373 billion won ($313 million) in July-September quarter
According to the publication IFR, the IPO could raise from $10 billion to $12 billion.
The $10 billion to $12 billion IPO would be the largest listing ever in South Korea, Samsung Life Insurance’s 2010 IPO, which was valued at 4.9 trillion won ($4.39 billion).
The company has mandated KB Securities and Morgan Stanley to lead the proposed deal. Bank of America, Citigroup, Daishin Securities, Goldman Sachs and Shinhan Investment Corp were also mandated as bookrunners.
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A regulatory filing showed that LG Energy Solutions reported an operating loss of 373 billion won ($313 million) in the July-September quarter, up from 169 billion won operating profit a year earlier.
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