SEOUL (Reuters) -South Korea’s LG Energy Solution (LGES) has received preliminary approval for its initial public offering, the Korea Exchange said on Tuesday.
LGES, LG Chem Ltd’s wholly owned battery subsidiary which supplies Tesla Inc, General Motor Co and Hyundai Motor Co among others, filed for a review of its IPO plans in June.
In October, the South Korean battery maker resumed working on its IPO, which was suspended in August due to lack of clarity over the recall costs involving GM’s Bolt electric vehicles.
The company mandated KB Securities and Morgan Stanley to lead the proposed deal. Bank of America, Citigroup, Daishin Securities, Goldman Sachs and Shinhan Investment Corp were also mandated as bookrunners.
LG Energy Solution reported an operating loss of 373 billion won ($313.24 million) in the July-September quarter compared with an operating profit of 169 billion won from a year earlier, according to a regulatory filing.
($1 = 1,190.7800 won)
(Reporting by Heekyong Yang, Editing by Louise Heavens)
