Asian Tech Press (Dec 15) -- South Korean battery maker LG Energy Solution (LGES) may price its IPO at the top end of its indicated range to raise about $11 billion, Reuters reported, citing two sources.

LGES a wholly owned subsidiary of LG Chem Ltd, and supplies electric vehicle batteries for companies such as Tesla Inc, General Motors Co and Hyundai Motor.

The EV battery maker said last week that it expects to issue 34 million new shares priced in an indicative range of 257,000- 300,000 won per share. If priced at the upper end of the range, it could raise up to about 12.8 trillion won ($10.9 billion).

The company is scheduled to be listed on the Korea Exchange (KRX) on January 27. At the maximum price, LGES would have a market value of 70.2 trillion won ($59.39 billion), which would make the company the third-largest company in South Korea by market capitalization after Samsung Electronics and SK Hynix.