Asian Tech Press (Dec 08) -- According to media reports, LG Energy Solution, which was spun off from LG Chem's battery business and focuses on electric vehicle batteries and other businesses, is moving forward with its IPO and is expected to list on the Korea Exchange early next year.

LG Energy Solution plans to raise up to 10.2 trillion won,(US$8.8 billion), by issuing 34 million new shares at a price of 25.7-300,000 won per share. Its parent company, LG Chem, will sell 8.5 million shares and plans to raise 2.5 trillion won.

LG Energy Solution has 200 million shares in stock, which will increase to 234 million after issuing 34 million new shares. 8.5 million shares will be sold by LG Chem, which means LG Energy Solution will offer 42.5 million shares in the IPO process.

LG Energy Solution is currently the second largest battery manufacturer in the world, and the funds raised from the IPO will first be used to expand production capacity, including battery production capacity in South Korea and overseas, and will also be used for research and development of lithium-ion batteries and next-generation batteries, with some of the funds being used to improve overall product quality and processes.