By Kwanwoo Jun

LG Energy Solution is seeking to raise over $9 billion via an initial public offering in January in South Korea to expand its business amid growing demand for electric-vehicle batteries.

The battery affiliate of South Korea's LG Chem Ltd. plans to raise at least 10.858 trillion won ($9.20 billion) by listing its shares, LG Chem said in a regulatory filing on Tuesday.

LG Energy Solution is selling 34 million new shares at between KRW257,000 and KRW300,000 each, and 8.5 million existing shares at the same price range, the filing showed.

The price range estimates the value of the South Korean EV battery supplier for Tesla Inc., General Motors Co. and Hyundai Motor Co. at KRW60 trillion to KRW70 trillion.

LG Chem said LG Energy Solution plans to use the proceeds for facility investments, working capital and stake purchases.

IPO managers will take subscription orders Jan. 18-19 before the company lists in January. Morgan Stanley International and KB Securities are advising on the planned share sale.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

12-07-21 0507ET