A
supplier to Tesla Inc, General Motor Co and Hyundai Motor Co,
among others, LGES filed for a review of its IPO plans in June.
In October, the wholly owned subsidiary of LG Chem Ltd resumed
work on its IPO, which was suspended in August due to a lack of
clarity regarding the recall costs involving GM's Bolt electric
vehicles.
The IPO could raise $10 billion to $12 billion, according to
publication IFR.
A $10 billion-$12 billion IPO would be more than double the
biggest ever listing in South Korea, the 2010 IPO of Samsung
Life Insurance, which was worth 4.9 trillion won ($4.39
billion).
The company has 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.
LG Energy Solution reported an operating loss of 373 billion won
($313 million) in the July-September quarter versus an operating
profit of 169 billion won a year earlier, a regulatory filing
showed.
($1 = 1,190.7800 won)
(Reporting by Heekyong Yang; editing by Louise Heavens and Jason
Neely)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|