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S.Korea’s LG Energy’s $10.8 billion IPO draws record demand from retail investors -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The LG Energy Solution logo is shown on a smartphone in front the website. This illustration was taken December 4, 2021. REUTERS/Dado Ruvic/Illustration

Scott Murdoch, Heekyong Yang

SEOUL (Reuters – South Korean Battery Maker LG Energy Solution has broken a new record in IPO demand. Retail investors are bidding for shares valued at 114 trillion won ($95.62 Billion), adding to their excitement about a slice of the nation’s largest public offering.

Due to the high demand, LGES’ retail section of its initial public offering (IPO), was almost 70 times oversubscribed and attracted approximately 4.4 million subscribers accounts on Wednesday. This according to KB Securities. KB Securities is one of the major bookrunners for the LGES deal.

LGES’ retail bid volume exceeds that of SK IE Technology Co Ltd’s (SKIET), who had a record of 81 trillion won last year.

It priced its offering last week at $10.8 billion above the range of indicative marketing to make it South Korea’s largest and Asia’s third largest IPO.

LGES released a statement saying that they will keep working to finish the listing process.

LGES is continuing to see strong demand from South Korean investors for IPOs – known as Ants after government stimulus efforts have flooded South Korean markets with money.

($1 = 1,192.9000 won)

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