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EV battery maker raises $2bn from IPO | Automotive Industry News

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The battery material maker SK IE Technological innovation raised US$2bn from its preliminary community presenting (IPO), a media report claimed.

SKIET shares have been priced at KRW105,000 every which was the leading of the range announced in a regulatory submitting very last thirty day period to elevate about KRW2.2 trillion (US$1.98bn), Reuters documented, citing a business assertion.

The listing, which mother or father business SK Innovation claimed would take place on 11 Could, would be the major in South Korea given that Could 2017, according to Korea Trade information.

The pricing values the battery material maker at KRW7.5 trillion which, analysts informed Reuters, ought to be enough elevate the business into the benchmark KOSPI 200 index.

SKIET would offer about eight.6m new shares, elevating about 898bn received, the report claimed.

SKIET provides battery separators to SK Innovation, LG Electricity Alternative, Samsung SDI, Panasonic and other individuals, Reuters claimed.

“Money raised as a result of issuance of new shares will be used for our capital expenditure financial commitment,” Rho Jae-sok, CEO of SKIET claimed recently, including the business plans about KRW700-KRW800bn of yearly capex investing for some time, according to Reuters.

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