Seoul IPO of SK’s battery material unit raises US$2bn
Bloomberg
South Korean energy supplier SK Innovation Co and SK IE Technology Co have raised 2.25 trillion won (US$2 billion) in the battery material unit’s initial public offering, the country’s biggest in four years.
SK IE Technology has priced the offering at 105,000 won per share, the top of a marketed range, an exchange statement said yesterday.
The portion for institutional investors was 1,883 times oversubscribed. At US$2 billion, the initial public offering (IPO) of the maker of battery separators would be South Korea’s largest since mobile game-maker Netmarble Corp raised US$2.4 billion in 2017, data compiled by Bloomberg showed.
SKIET vows to use IPO to solidify position in battery separator market
Posted : 2021-04-22 15:59
Updated : 2021-04-22 18:30
SK IE Technology CEO Roh Jae-sok speaks during a press conference at the Conrad Seoul hotel, Thursday. Courtesy of SK IE Technology
By Baek Byung-yeul
A few weeks after reaching a settlement with LG Energy Solution (LGES) in a blockbuster intellectual property dispute, a SK Innovation affiliate ― SK IE Technology (SKIET) ― vowed to boost its share in the promising battery separator market to solidify a leading position. We will continue to increase our market share in the exploding premium separator market to solidify our market leadership, CEO Roh Jae-sok told reporters, Thursday. By successfully completing our initial public offering (IPO) and enhancing competitiveness, we aim to contribute to the ecosystem of the electric car industry.
The battery materials unit of SK Innovation Co. said the global market for premium wet-type separators, a key component for electric vehicles, will run into a supply shortage in 2023 due to “explosive” growth.
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