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Reuters

LG Energy Solution targets up to $10.9 billion in S.Korea’s biggest IPO

SEOUL (Reuters) -LG Energy Solution (LGES) is likely to raise up to 12.8 trillion won ($10.87 billion) in what could be South Korea’s biggest initial public offering as the battery maker seeks funds to expand and meet booming demand for EV batteries. Even at the low end of its pricing range, LG looks set to top the country’s largest listing to date, Samsung Life Insurance’s 4.9 trillion won IPO in 2010. “Through this IPO, we are preemptively responding to the demand for the lithium-ion battery market, which is expected to see rapid growth,” LGES Chief Executive Officer Kwon Young Soo said in a statement.