LG Energy Solution Ltd (LGES) saw a 68% uptake in its stock price after its highly anticipated trading debut.
The successful IPO debut is in part due to the high influx of retail investors getting in.
Around 4.4 million retail investors bid a record US$95 billion to subscribe to shares of the IPO.
The growing trend of electric vehicles also attracted a slew of foreign investments to the LG Energy Solution IPO.
The company has a proud roster of clients from Tesla, General Motors and Volkswagen.
LG Energy Solution now takes 20% of the electric vehicle (EV) battery market globally.
According to Daniel Clarke, “LG Energy’s initial public offering (IPO) has come at a perfect time. With US-China tensions remaining high, and Western governments and automakers waking up to the fact that reliance on Chinese batteries might leave them geopolitically exposed”.
LG Energy Chief Executive Kwon Young-soo mention that the company’s goal is to overtake China’s Contemporary Amperex Technology Co. Limited through the funds secured from the IPO.