LG's $11 bln battery spinoff is fully charged

LG

08/12/2021 02:31

(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
    By Robyn Mak
    HONG KONG, Dec 8 (Reuters Breakingviews) - The South Korean
group is eyeing a $60 bln valuation for its crown jewel in what
could be the country's biggest IPO. The hot play on electric
vehicles hopes to entice investors by offering a discount to
peer CATL. LG's track record of recalls, though, warrants
caution.  
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    CONTEXT NEWS
    - South Korea's LG Energy Solution plans to raise up to 12.8
trillion won ($10.9 billion) in what could be the country's
largest initial public offering ever, according to a regulatory
filing dated Dec. 7.
    - The company will sell 34 million new shares at 257,000 won
to 300,000 won per share. Parent LG Chem will also sell 8.5
million existing shares.
    - Pricing is expected to be finalised on Jan. 14, with
shares set to start trading on Jan. 27.
    - KB Securities and Morgan Stanley are the joint lead
bookrunners. Bank of America, Citigroup, Daishin, Goldman Sachs
and Shinhan Bank are the joint bookrunners.

 (Editing by Antony Currie and Katrina Hamlin)
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