SEOUL/HONG KONG (Reuters) -South Korea’s battery material maker SK IE Technology (SKIET) plans to price its initial public offering (IPO) at the top end of its indicative range to raise more than 2.2 trillion won ($1.98 billion), two people familiar with the matter said on Monday.
SKIET’s shares were priced at 105,000 won compared with a range of 78,000-105,000 won per share it announced in a regulatory filing last month.
SKIET’s IPO will be the biggest in South Korea since gaming company Netmarble Corp raised 2.7 trillion won in its IPO in May 2017, according to Korea Exchange data.
The pricing values the battery material maker at 7.5 trillion won. The firm is expected to announce its final pricing later on Monday.
SKIET will offer about 8.6 million new shares in the IPO, raising about 898 billion won.
SKIET parent SK Innovation Co Ltd, battery supplier to Volkswagen, Ford Motor Co, Hyundai Motor Co among others, will offer 12.8 million existing shares in SKIET, worth about 1.3 trillion won.
SK Innovation will own 61% of SKIET after the listing.
SKIET supplies separators, a key component in lithium-ion batteries, for battery makers including SK Innovation, LG Energy Solution, Samsung SDI Co Ltd, Panasonic Corp among others.
($1 = 1,112.8200 won)
Reporting by Heekyong Yang in Seoul and Scott Murdoch in Hong Kong; Editing by Ana Nicolaci da Costa
