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68.8 Billion!!! CATL the biggest opponent will be listed this month

Storage Lithium Batteries     2022-01-06
 
 
68.8 Billion!!! CATL the biggest opponent will be listed this month
 
LG New Energy (LG Energy Solution) has begun accepting investor subscriptions, and plans to land on the Korean Exchange on January 27 to start trading. It plans to raise up to 10.8 billion U.S. dollars (approximately RMB 68.8 billion), which may become the largest public offering in South Korea’s history. Stock offering (IPO).
 
According to the document, LG New Energy plans to sell approximately 42.5 million shares at a price of between 257,000 and 300,000 won (US$216.19-252.36) per share, raising US$9.2 billion to US$10.8 billion, which will break Samsung Life Insurance’s issuance in 2010. The previous record of 4.9 trillion won (US$4.12 billion). According to the investment letter of intent, the funds raised this time will be mainly used to expand the company's existing production facilities and repay debts.
 
 
 
According to Korean media reports on December 1, 2021, the Korean Exchange disclosed on Tuesday that the battery manufacturer LG New Energy, which has applied for listing and financing, has passed the preliminary review of listing eligibility, and the highly anticipated LG New Energy's listing is one step closer. .
 
According to Korean media reports, LG New Energy submitted IPO application documents to the Korea Exchange in June 2021, and initially planned to complete the listing by the end of this year. However, due to defects in the batteries supplied to GM Bolt electric vehicles, there was a risk of fire, which led to a large-scale recall and replacement of batteries by GM. LG assumed most of the costs, and LG New Energy’s listing plan was also shelved.
 
LG New Energy is a wholly-owned subsidiary of LG Chem Ltd., which was formally established on December 1, 2020, focusing on the electric vehicle battery business. Thanks to LG Chem's years of hard work in the battery business, LG New Energy has been a large-scale battery supplier since its establishment, supplying Tesla, General Motors, Hyundai Motor, etc.
 
According to data from South Korean market research organization SNE Research, LG's market share is second only to CATL
 
For more information please reach out Zetara Power at email  lisa@zetarapower.com
 

 

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