LG Energy Solution receives preliminary approval for its IPO -Korea Exchange (updated)

Samsung Life Insurance

30/11/2021 09:19

(Adds background)
    SEOUL, Nov 30 (Reuters) - South Korea's LG Energy Solution
(LGES) has received preliminary approval for its initial public
offering, the Korea Exchange said on Tuesday. 
    LGES, LG Chem Ltd's  051910.KS  wholly owned battery
subsidiary which supplies Tesla Inc  TSLA.O , General Motor Co
 GM.N  and Hyundai Motor Co  005380.KS  among others, filed for
a review of its IPO plans in June.  urn:newsml:reuters.com:*:nL2N2NQ0HI
    In October, the South Korean battery maker resumed working
on its IPO, which was suspended in August due to lack of clarity
over the recall costs involving GM's Bolt electric vehicles.
 urn:newsml:reuters.com:*:nL1N2R8085
    The company mandated KB Securities and Morgan Stanley to
lead the proposed deal. Bank of America, Citigroup, Daishin
Securities, Goldman Sachs and Shinhan Investment Corp were also
mandated as bookrunners.  urn:newsml:reuters.com:*:nIfpb0lM1L
    LG Energy Solution reported an operating loss of 373 billion
won ($313.24 million) in the July-September quarter compared
with an operating profit of 169 billion won from a year earlier,
according to a regulatory filing. 

($1 = 1,190.7800 won)

 (Reporting by Heekyong Yang, Editing by Louise Heavens)
 ((Heekyong.Yang@thomsonreuters.com;))