LG Energy Solution Ltd (LGES), one of the world’s largest makers of batteries for electric vehicles, plans to raise up to $10.8b in South Korea’s largest IPO. It's fully charged to use the IPO proceeds to boost capital, repay debt, and meet contractor payments.
Wait, we have more some more sizzling information – LGES is also a major EV battery supplier for Tesla Inc (TSLA), General Motors Co (GM), and Hyundai Motor Co (HYMTF).
Total side note: Tesla just announced that it's delivered 308,600 vehicles worldwide, as of the end of 2021, and has made $1.6b (beating its own record, wow). This means that EVs are well sought after and LGES knows that.
Why it matters
South Korea’s IPO market is expected to set a record in 2022, more than the $16.9b raised in 2021. Seems as though IPOs and EVs have reached "celebrity" status over there.
