Hyperdrive
SK’s EV Battery Material Unit’s Seoul IPO Fetches $2 Billion
- SK IE Technology’s IPO is Korea’s largest in four years
- Battery material unit prices offering at top of the range
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South Korean energy supplier SK Innovation Co. and SK IE Technology Co. have raised 2.25 trillion won ($2 billion) in the battery material unit’s initial public offering, the country’s biggest in four years.
SK IE Technology has priced the offering at 105,000 won per share, the top of a marketed range, according to an exchange statement on Monday. The portion for institutional investors was 1,883 times oversubscribed. At $2 billion, the IPO of the maker of battery separators will be South Korea’s largest since mobile game-maker Netmarble Corp. raised $2.4 billion in 2017, according to data compiled by Bloomberg.