Paul Hastings advised battery maker LG Energy Solution on its USD10.8 billion global offering and listing on the Korea Exchange, the largest IPO in South Korean capital markets to date. Morgan Stanley and KB Securities acted as the joint lead managers.
The Paul Hastings team in Seoul was led by partner and office chair Kim Dong Chul, with support from associate Lee Eun Ju and corporate attorney David Park.
“The biggest challenge was to prepare the offering circular for the investors, appropriately disclosing the growth potential of the business while at the same time addressing investment risks,” Kim told Asia Business Law Journal. “We believe the electric vehicle and renewable power sector will be one of the fastest growing industries in the near future,” he added.
LG Energy Solution is the world’s second-largest battery maker after China’s Contemporary Amperex Technology. It produces batteries for electric vehicles, IT devices and energy storage systems.
LG Energy Solution offered 34 million shares, which were sold in a price range of KRW257,000 (USD216.19) to KRW300,000 apiece. The company will use the proceeds from its IPO to expand its manufacturing capacity in Europe, America and Asia.
