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Battery makers become the third most valuable company in South Korea after Samsung Electronics and SK Hynix.
LG Energy Solution Ltd (LGES) jumped on business Thursday after South Korea’s largest company (IPO) attracted 15.2 quadrillion ($ 13 trillion), making it the second most important company in the country.
The LGES shares opened at 597,000 wins ($ 496) against the IPO price of 300,000 wins ($ 249). But shares fell 25 percent on initial sales.
LGES has become the second most valuable company in South Korea after Samsung Electronics Co Ltd with a market value of more than 105.3 trillion ($ 87.62bn), even at very low prices today.
With the release of LG Chem Ltd, the company controls more than 20 percent of the global electronics (EV) market. It gives Opinions of the company Tesla Inc, General Motors Co and Volkswagen AG among others.
His announcement will set the tone for the IPOs coming to South Korea as retailers – known as “ants” – flock to the market with funds backed by government-sponsored policies during the COVID-19 epidemic.
“It is a fraud to predict how LGES ‘first day trading will work, mainly due to recent market instability due to various factors such as Investor concern on the Federal Reserve and how fast it will go,” said Park Jung-hoon, fund manager. at HDC Asset Management in Seoul.
More than 4.4 million retailers have contributed $ 114 trillion ($ 95bn) to register for shares in the IPO, Asia’s largest financial port since China’s Alibaba Group Holding Ltd raised $ 12.9 billion in its second Hong Kong line in 2019.
Approximately 2,000 foreign and foreign investors contributed approximately $ 15.2 quadrillion won ($ 13 trillion).
More than 20 companies went public on South Korea’s largest board last year, raising about 17 trillion wins ($ 14bn), almost double the previous 8.8 trillion ($ 7.5bn) wins raised in 2010, according to the Korean Exchange operator’s bourse.
LGES market value is less than $ 208 billion from China’s Contemporary Amperex Technology Co Ltd’s (CATL). However, LG Chief Executive Kwon Young-soo has announced a 260 trillion ($ 216bn) battery recharge to reflect the company’s growth.
Researchers warn LGES would face increasing competition as its Chinese counterparts grow in the global market and many automakers are looking to develop their own EV battery technologies.
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