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LG Energy Solution starts taking orders for what could be South Korea’s biggest IPO

LG Energy Solution has started taking orders from investors as it looks to raise up to $10.8 billion in what could be South Korea’s biggest ever initial public offering.

The LG Chem Ltd.

affiliate, one of the largest players in the global electric-vehicle battery market, is planning to sell 42.50 million shares at KRW257,000-KRW300,000 each, according to a term sheet seen by The Wall Street Journal.

At the top end of the price range, the company could raise KRW12.750 trillion, eclipsing the record KRW4.9 trillion that Samsung Life Insurance Co.

raised in its IPO in 2010.

LG Energy Solution’s implied market capitalization after the offer is likely to be as much as $59 billion, the term sheet showed.

Retail subscription will open from Jan. 18 and shares of the company will start trading on the Korean Stock Exchange from Jan. 27.

LG Energy Solution, a major EV battery supplier for Tesla Inc.
General Motors Co.

and Hyundai Motor Co.
is raising capital to expand its business amid growing demand.

The company plans to use IPO proceeds to boost capital expenditure, repay debt and meet working capital needs, according to the term sheet.

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Morgan Stanley, BofA Securities and Citigroup are among those advising on the planned share sale.

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