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    A051910   KR7051910008

LG CHEM, LTD.

(A051910)
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LG Energy Solution raises $10.8 billion in S.Korea's biggest IPO

01/14/2022 | 03:40am EST
FILE PHOTO: Illustration shows smartphone with LG Energy Solution's logo displayed

SYDNEY/SEOUL (Reuters) - South Korean battery maker LG Energy Solution (LGES) raised $10.8 billion in its initial public offering (IPO), attracting record demand for a deal in South Korea, the company said on Friday.

LGES shares were priced at 300,000 won each, at the top of a range announced in a regulatory filing last month, raising 12.8 trillion won ($10.76 billion).

The listing, set to take place on Jan. 27, will be the biggest in the country after Samsung Life Insurance Co Ltd's 4.8 trillion won IPO in 2010.

The pricing values LGES at 70.2 trillion won, making it South Korea's third most-valuable company after Samsung Electronics Co Ltd and SK Hynix Inc.

LGES, LG Chem Ltd's battery subsidiary, supplies Tesla Inc, General Motor Co and Volkswagen AG, among other automakers.

A total of 1,988 domestic and foreign institutional investors placed bids, LGES' filing showed, valuing total bids at record $12.8 trillion.

LGES said the institutional book for the IPO was 2,023 times covered - 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.

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

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

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

South Korea saw its hottest IPO market on record last year. More than 20 companies went public on the main KOSPI market, raising about 17 trillion won, beating the previous record of 8.8 trillion won raised in 2010, according to the Korea Exchange.

(Reporting by Scott Murdoch in Sydney and Heekyong Yang in Seoul; Additional reporting by Jihoon Lee and Joyce Lee; Editing by Jacqueline Wong, Christopher Cushing and Jane Merriman)

By Scott Murdoch and Heekyong Yang


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KOSPI COMPOSITE INDEX 0.59% 2853.93 Real-time Quote.-4.68%
LG CHEM, LTD. -5.91% 653000 End-of-day quote.6.18%
LG CORP. -1.51% 78100 End-of-day quote.-3.46%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
SAMSUNG ELECTRONICS CO., LTD. -0.91% 76300 End-of-day quote.-2.55%
SAMSUNG LIFE INSURANCE CO., LTD. 1.07% 66100 End-of-day quote.3.12%
SK HYNIX INC. 0.40% 127000 End-of-day quote.-3.05%
TESLA, INC. -3.38% 995.65 Delayed Quote.-5.78%
VOLKSWAGEN AG 0.62% 191.7 Delayed Quote.8.01%
All news about LG CHEM, LTD.
01/19KBR, Mura Get Contract for Plastic Recycling Technology From LG Chem
MT
01/19LG Energy Solution Attracts $95.6 billion in IPO Retail Bids
MT
01/19S.Korea's LG Energy Solution sees record retail demand for IPO
RE
01/19S.Korean stocks end lower for 5th day; LGES IPO in focus
RE
01/18South Korean Stocks Decline on Inflation Worries; LG Chem Shares Fall 2%
MT
01/18LG Chem to Build Plastic Recycling Plant in South Korea's Dangjin by Q4 2024
MT
01/18S.Korea stocks hit 7-week closing low ahead of LGES IPO
RE
01/17Yunnan Energy Unit Wins Deal to Supply Battery Separators to Foreign Carmaker
MT
01/17LG Energy Solution Expects to Raise $10.7 Billion in South Korea's Largest-Ever IPO
MT
01/17South Korean Stocks Decline on Lackluster China GDP Data; LG Chem Shares Decline over 1..
MT
More news
Analyst Recommendations on LG CHEM, LTD.
More recommendations
Financials
Sales 2021 43 083 B 36,2 B 36,2 B
Net income 2021 3 952 B 3,32 B 3,32 B
Net Debt 2021 6 727 B 5,65 B 5,65 B
P/E ratio 2021 12,4x
Yield 2021 1,73%
Capitalization 48 227 B 40 561 M 40 511 M
EV / Sales 2021 1,28x
EV / Sales 2022 1,09x
Nbr of Employees -
Free-Float -
Chart LG CHEM, LTD.
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LG Chem, Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends LG CHEM, LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Last Close Price 653 000,00 KRW
Average target price 1 033 560,00 KRW
Spread / Average Target 58,3%
EPS Revisions
Managers and Directors
Hak Cheol Shin Vice Chairman & Chief Executive Officer
Okdong Son President
Dong-Seok Cha Chief Financial Officer & Director
Jin-Soo Park Vice Chairman
Ki-Soo No CTO & President-Executive Board
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