LG Energy Solution jumps in debut to become S Korea’s second-most valuable
LG Energy Solution Ltd (LGES) jumped in its trading debut on Thursday after South Korea’s biggest-ever IPO attracted bids worth $13 trillion, making it the country’s second-most valuable company.
LGES shares opened at 597,000 won versus an initial public offering (IPO) price of 300,000 won. But the shares fell as much as 25% in early trading.
LGES has become South Korea’s second most-valuable company after Samsung Electronics Co Ltd with a market valuation reaching over 105.3 trillion won ($87.62 billion), even at the lowest intra-day trading level.
Spun out of LG Chem Ltd, the firm commands more than 20% of the global electric vehicle (EV) battery market. It supplies Tesla Inc, General Motors Co and Volkswagen AG among others.
