LG Energy Solution submits registration for IPO

LG Energy Solution CEO Kwon Young-soo (LG Energy Solution)

LG Energy Solution said Tuesday it has entered an official stage to go public in January, amid market expectation that the company will join the top five on the list with a valuation of a whopping 70.2 trillion won ($59.5 billion).

According to South Korea’s leading battery firm, it submitted a registration statement to the Financial Services Commission to be listed on the nation’s main bourse Kospi.

The company seeks to raise up to 12.75 trillion won by offering 42.5 million shares at between 257,000 won and 300,000 won apiece, it said in a press release. The 42.5 million shares account for 18.16 percent of total shares of 234 million.

After the initial public offering, LG Energy Solution’s market cap is estimated to reach between 60.1 trillion to 70.2 trillion won. LG Energy Solution is expected to compete with Naver, which ranks No. 3 on Kospi with a market cap worth 64.2 trillion won.

By Kim Byung-wook(kbw@heraldcorp.com)