South Korean battery maker LG Energy Solutions (LGES) has raised $10.8 billion (about Rs 80,045 crore) in its initial public offering (IPO), a deal that attracted record demand in South Korea, the company announced on Friday. Of.

LGES shares were priced at KRW 300,000 (approximately Rs 18,710), on top of the range announced in a regulatory filing last month, raising KRW 12.8 trillion (approximately Rs 79,840 crore).

The listing, scheduled to take place on January 27, will be the largest in the country since the KRW 4.8 trillion (about Rs 29,945 crore) Samsung Life IPO in 2010.

LGES is worth KRW 70.2 trillion (about Rs 4,37,930 crore), making it the third most valuable company in South Korea after Samsung Electronics and SK Hynix.

LG Chem’s battery subsidiary GES supplies Tesla, General Motor and Volkswagen AG, among other automakers.

According to the LGES filing, a total of 1,988 domestic and foreign institutional investors placed bids, with a total bid value of a record $12.8 trillion (approximately Rs 9,48,77,180 crore).

LGES said the institutional book for the IPO was covered 2,023 times – the largest ever for an IPO in South Korea.

LGES plans to offer 34 million new shares in the IPO and parent company LG Chem plans to offer 8.5 million existing shares.

The parent company will own 81.8% in LGES after the listing.

The IPO comes as global sales of battery-powered electric vehicles (EVs), which are projected at 2.5 million units in 2020, are expected to grow more than 12-fold to 31.1 million by 2030 and account for nearly one percent of new vehicle sales. third part. Consultancy to Deloitte.

Analysts said they are closely watching LGES’s IPO and how its shares trade later this month to assess the health of the IPO market in 2022.

South Korea had the hottest IPO market last year. According to the Korea Stock Exchange, more than 20 companies went public on the main KOSPI market, winning approximately 17 trillion won, breaking the previous record of 8.8 trillion won in 2010.

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LGES said the institutional book for the IPO was covered 2,023 times – the largest ever for an IPO in South Korea.

LGES expects to offer 34 million new shares in the IPO and parent LG Chem plans to offer 8.5 million existing shares.

After the listing, the parent company will own 81.8 per cent in LGES.

The IPO comes as global battery-powered electric vehicle (EV) sales, which are projected to increase to 2.5 million units in 2020, are projected to grow more than 12-fold to 31.1 million by 2030, and new vehicle sales account for nearly a third of Is. Consulting firm Deloitte.

Analysts said they are closely watching LGES’s IPO and how its stock trades later this month to assess the health of the 2022 IPO market.

South Korea saw its hottest IPO market on record last year. According to the Korea Exchange, more than 20 companies went public on the main KOSPI market, with approximately 17 trillion won, beating the previous record of 8.8 trillion won in 2010.