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    A361610   KR7361610009

SK IE TECHNOLOGY CO., LTD.

(A361610)
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LG Energy Solution seeks nod for IPO that IFR says may raise $10-$12 bln

06/08/2021 | 05:26am EDT

SEOUL, June 8 (Reuters) - Auto battery maker and Tesla Inc supplier LG Energy Solution (LGES) applied for preliminary approval of an initial public offering (IPO) that publication IFR said could raise $10 billion-$12 billion in South Korea's biggest ever listing.

LGES and the Korea Exchange announced the application for approval of the previously flagged IPO on Tuesday, without mentioning its size. IFR reported the potential size earlier in June, citing people close to the deal.

LGES, wholly owned by LG Chem Ltd from which it was carved out last year, said the IPO was planned for 2021. A spokesperson declined to comment on the IPO size on Wednesday and said it will be decided taking into account the company's future capital expenditure and financial structure.

A $10 billion-$12 billion IPO would be more than double the current biggest ever listing in South Korea - the 2010 IPO of Samsung Life Insurance, which was worth 4.9 trillion won ($4.39 billion).

It would also come in a banner year for listings of companies operating in South Korea that has already seen the $4.6 billion U.S. IPO of Coupang and the $2 billion domestic float of SK IE Technology Co Ltd.

LGES is one of the world's top electric vehicle (EV) battery makers, supplying Tesla and General Motors Co.

The IPO plan comes as global sales of battery-powered electric cars are expected to have reached nearly 2.5 million in 2020 and are set to rise by 70% in 2021, according to IHS Markit.

"With automakers racing towards electrification and investors seeing it as the auto industry's next big growth opportunity, LGES' IPO will likely attract strong demand," said Cho Hyun-ryul, an analyst at Samsung Securities.

LGES said it plans to use the proceeds of the IPO to secure business competitiveness and expand its facilities in response to the growing market demand for EVs.

Analysts said the funds could be used especially for its investment in battery production in the United States.

In March, LGES announced plans to invest more than $4.5 billion in its U.S. battery production business by 2025. ($1 = 1,115.6000 won) (Reporting by Heekyong Yang; Additional reporting by Joyce Lee; Editing by Kirsten Donovan, Louise Heavens and Muralikumar Anantharaman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COUPANG, INC. -1.95% 29.14 Delayed Quote.0.00%
GENERAL MOTORS COMPANY -3.82% 49.37 Delayed Quote.18.56%
LG CHEM, LTD. -2.09% 701000 End-of-day quote.-14.93%
LG CORP. -0.21% 94600 End-of-day quote.-1.44%
SAMSUNG ELECTRONICS CO., LTD. 1.45% 77200 End-of-day quote.-4.69%
SAMSUNG LIFE INSURANCE CO., LTD. -0.41% 72800 End-of-day quote.-7.96%
SAMSUNG SECURITIES CO., LTD. 1.02% 49400 End-of-day quote.22.13%
SK IE TECHNOLOGY CO., LTD. 0.67% 224500 End-of-day quote.0.00%
TESLA, INC. -3.86% 730.17 Delayed Quote.3.47%
All news about SK IE TECHNOLOGY CO., LTD.
09/06SAMSUNG LIFE INSURANCE : South Korean IPOs Close to Tripling Value in 2021 from ..
MT
06/11SK IE TECHNOLOGY CO., LTD.(KOSE : A361610) added to KOSPI 200 Index
CI
06/09LG Energy Solution seeks nod for IPO that IFR says may raise $10-$12 billion
RE
06/08LG Energy Solution seeks nod for IPO that IFR says may raise $10-$12 bln
RE
05/11S.Korea stocks retreat from record close on tech rout, U.S. inflation worries
RE
05/10SKIET shares fall 26% in debut after opening at double IPO price
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05/02SK IE Technology Co., Ltd. has completed an IPO in the amount of KRW 2.24595 ..
CI
03/31SK IE Technology Co., Ltd. has filed an IPO in the amount of KRW 898.38 billi..
CI
2020SK IE Technology Co., Ltd. announced that it has received KRW 300.00523456 bi..
CI
2020SK IE Technology Reportedly Plans to Sell Stake Stake
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Financials
Sales 2021 703 B 0,59 B 0,59 B
Net income 2021 130 B 0,11 B 0,11 B
Net cash 2021 194 B 0,16 B 0,16 B
P/E ratio 2021 111x
Yield 2021 -
Capitalization 16 006 B 13 478 M 13 509 M
EV / Sales 2021 22,5x
EV / Sales 2022 15,1x
Nbr of Employees 194
Free-Float 30,0%
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Number of Analysts 9
Last Close Price 224 500,00 KRW
Average target price 260 000,00 KRW
Spread / Average Target 15,8%
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Managers and Directors
Jae-Seok No President, Chief Executive Officer & Director
Eui-Young Song Independent Director
Tae-Hyeon Kim Independent Director
Yul-Ri Kang Independent Director
Cheol-Joong Kim Non-Executive Director
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