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LG Energy Moves ahead on S.Korea IPO, it may Raise 1012B

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SEOUL, June 8 Reuters Auto battery maker and Tesla Inc supplier LG Energy Solution applied for preliminary approval of an initial public offering IPO that financial publication IFR said could raise 10 billion12 billion in South Koreas biggest ever listing.

LG Energy and the Korea Exchange announced the application for approval of the previously flagged IPO on Tuesday, without mentioning its size. IFR reported the potential size earlier in June, citing people close to the deal.

LG Energy, wholly owned by LG Chem Ltd from which it was carved out last year, said the IPO was planned for 2021. A spokesperson declined to comment on the IPO size on Wednesday and said it will be decided taking into account the companys future capital expenditure and financial structure.

A 10 billion12 billion IPO would be more than double the current biggest ever listing in South Korea the 2010 IPO of Samsung Life Insurance, which was worth 4.9 trillion won 4.39 billion.

It would also come in a banner year for listings of companies operating in South Korea that has already seen the 4.6 billion U.S. IPO of Coupang and the 2 billion domestic float of SK IE Technology Co Ltd.

LG Energy is one of the worlds top electric vehicle EV battery makers, supplying Tesla and General Motors Co.

The IPO plan comes as global sales of batterypowered electric cars are expected to have reached nearly 2.5 million in 2020 and are set to rise by 70 in 2021, according to IHS Markit.

LG Energy said it plans to…

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