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LG Energy Solution taking bids from retail investors ahead of IPO next Thursday Updated: 2022-01-19 08:02:00 KST

A securities firm in Seoul is swarming with elderly investors seeking to bid for shares in one of the most anticipated initial public offerings of this year.

"I don't really do this often, but this time I wanted to take part. Since I came all the way out here, and it's so cold, I hope I can get at least one share."

Starting Tuesday, LG Energy Solution has been taking pre-order deposits from retail investors.
And just an hour after its start, investors apparently placed more than 9 billion U.S. dollars in deposits at seven local brokerages.
Demand was overwhelming throughout the day as investors put in over 27 billion U.S. dollars in deposits.
The competition for shares by individual investors was 20 to one.

"During its two-day public subscription, the company plans to offer about 10.6 million to 12.7 million shares to retail investors.
That's 25 to 30 percent of the total 42.5 million shares set for the IPO."

According to the company, 50 percent of those shares will be equally distributed among investors who have made bids for at least 10 shares while the remaining 50 percent will be assigned proportionally.

In its initial public offering this month, the world's second-largest battery maker, is expected to raise almost 11 billion U.S. dollarsby far the country's biggest-ever IPO.
A total of 42.5 million shares will be issued and shares are priced at the top of their range at about 250 dollars apiece.
Upon listing, the company will be valued at around 59 billion U.S. dollars.
It will be the third-biggest listed company on South Korea's main bourse KOSPI after Samsung Electronics and SK hynix.
Most of the funds from the IPO will be used to expand its battery manufacturing facilities both at home and abroad.
The blockbuster IPO is set to take place next Thursday, on January 27th.
Min Suk-hyen, Arirang News.
KOGL : Korea Open Government License
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