Shares of LG Energy Solution made a strong debut on Thursday, propelling the electric battery producer to become South Korea’s second-most valuable company after raising Won12.8tn ($10.6bn) in the country’s biggest public offering.
The shares opened up 99 per cent at Won597,000 from the initial public offering price as investors rushed to capture a piece of the global electric vehicle industry. The stock fell 11 per cent later in the day.
The strong debut made LGES, which supplies Tesla, General Motors and Volkswagen, South Korea’s second-largest stock after Samsung Electronics. The IPO, the world’s biggest deal this year, attracted bids from institutional investors worth $13tn this month.
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