LG Energy Solution to decide by October whether to pursue IPO this year

SEOUL (Reuters) – South Korean battery maker LG Energy Solution (LGES) said on Monday it will decide by October whether to pursue its planned initial public offering (IPO) this year.

LGES, wholly owned by LG Chem Ltd from which it was carved out last year, in June said it plans to complete the IPO process in 2021.

The IPO was widely tipped to be South Korea’s biggest-ever listing, potentially raising $10 billion to $12 billion.

The statement from LGES comes after General Motors Co expanded a recall of its Bolt electric vehicle to more than 140,000 cars to replace LG battery packs, at a cost it estimated at $1.8 billion. The automaker said it would seek reimbursement from LG.

Shares in LG Chem were down 1.3% as of Monday morning trade, versus a flat wider market.

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