S.Korea's LG Energy's $10.8 bln IPO draws record demand from retail investors

SK IE Technology

19/01/2022 09:13

By Heekyong Yang and Scott Murdoch
    SEOUL, Jan 19 (Reuters) - South Korean battery maker LG
Energy Solution has set a new record for IPO demand with retail
investors bidding for shares worth about 114 trillion won
($95.62 billion),adding to the frenzy for a piece of the biggest
public offering in the country.        
    As a result of the strong demand, the retail portion of LGES
initial public offering (IPO) was oversubscribed nearly 70 times
and attracted about 4.4 million subscription accounts at the end
of the two-day bidding period on Wednesday, according to KB
Securities, one of the main bookrunners on the LGES deal.  
    LGES' retail bidding volume beats the previous record of
battery material maker SK IE Technology Co Ltd's (SKIET)
 361610.KS , which drew 81 trillion won in public subscription
last year. 
    Last week, the company priced the offering at top of the
indicative marketing range to raise $10.8 billion, making it
South Korea's biggest and Asia's third-largest IPO.  
    "We will continue to put efforts to complete the listing
process," LGES said in a statement. 
    LGES continues the trend of robust demand for IPOs from
South Korean retail investors - known as "Ants" as government
stimulus efforts to bolster the economy after the coronavirus
crisis have flooded markets with cash.
    
    
($1 = 1,192.9000 won)   



 (Reporting by Heekyong Yang and Scott Murdoch; Editing by
Louise Heavens)
 ((Heekyong.Yang@thomsonreuters.com;))