LG Energy Solution’s US$10.7 Billion IPO

Paul Hastings LLP advised LG Energy Solution on its US$10.7 billion global offering and listing on the Korea Exchange, while Bae, Kim & Lee represented the underwriters.

On 27 January, 2022, battery maker LG Energy Solution Ltd debuted after South Korea’s biggest-ever initial public offering attracted bids worth US$13 trillion, underscoring upbeat prospects for the electric vehicle industry.

LGES priced its 12.8 trillion won (US$10.7 billion) IPO at the top of the range, becoming South Korea’s third most-valuable company after Samsung Electronics and SK Hynix with a nearly US$60 billion market valuation.

KB Securities Co., Ltd. and Morgan Stanley & Co. International PLC Seoul Branch acted as lead managers for the IPO, and Daishin Securities Co., Ltd., Shinhan Investment Corp., Goldman Sachs (Asia) L.L.C. Seoul Branch, Merrill Lynch International LLC, Seoul Branch and Citigroup Global Market Korea Securities Ltd acted as co-managers.

LG Energy Solution is one of the world’s leading battery manufacturers, producing batteries for electric vehicles, IT devices and energy storage systems.

The Paul Hastings team was led by Dong Chul Kim (Picture), partner and chair of the Seoul office, with support from associate Eun Ju Lee and corporate attorney David Park.

The BKL team included partners Hee-Gang Shin, Seung Il Hong and Jeong-Hoon Lee, associates Hyunjung Kim, Jungwon Hwang, Eunjin Kim and Jae Yun Park and senior foreign attorney Sookyung Chung (New York).  

Involved fees earner: Seung Il Hong – Bae, Kim & Lee LLC; Jungwon Hwang – Bae, Kim & Lee LLC; Hyun Jung Kim – Bae, Kim & Lee LLC; Eunjin Kim – Bae, Kim & Lee LLC; Jeong-Hoon Lee – Bae, Kim & Lee LLC; Jae Yun Park – Bae, Kim & Lee LLC; Hee-Gang Shin – Bae, Kim & Lee LLC; Dong Chul Kim – Paul Hastings LLP; Eun Ju Lee – Paul Hastings LLP; David Park – Paul Hastings LLP;

Law Firms: Bae, Kim & Lee LLC; Paul Hastings LLP;

Clients: Citigroup Global Markets Ltd; Daishin Securities; Goldman Sachs (Asia) L.L.C. Seoul Branch; KB Securities Co., Ltd.; LG Energy Solution; Merrill Lynch International; Morgan Stanley; Shinhan Investment Corp;

Sonia Carcano

Author: Sonia Carcano