Jan 27, 2022
LG Energy Solution: Battery giant jumps in market debut
South Korean battery maker LG Energy Solution has jumped in its stock market debut after becoming the country's biggest ever share offering. The IPO is Asia's biggest equity fund raising since China's Alibaba Group raised $12.9bn in its Hong Kong secondary listing in 2019.The LG Energy Solution listing attracted heavy demand from individual and institutional investors, indicating continued appetite for South Korean companies and businesses associated with the electric vehicles industry. The company, which has more than 20,000 employees, was spun off from South Korea's biggest chemical company LG Chem.LG Chem's parent company, LG Corporation, also owns the electronics giant which also bears the LG name. LG Energy Solution accounts for more than 20% of the global electric vehicle battery market and supplies car making giants including Tesla, General Motors and Volkswagen. The companies said they expect the plant to open in late 2024."We will have the products, the battery cell capacity and the vehicle assembly capacity to be the EV leader by mid-decade," General Motors chair and chief executive Mary Barra said.
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