South Korea’s Ecopro Materials is seeking to raise up to 665.9 billion won ($498 million) through an initial public offering in Seoul, potentially the largest in the Asian country since early 2022.
(Bloomberg) — South Korea’s Ecopro Materials is seeking to raise up to 665.9 billion won ($498 million) through an initial public offering in Seoul, potentially the largest in the Asian country since early 2022.
The battery-materials producer is offering about 14.5 million shares at 36,200 won to 46,000 won apiece, according to a filing Monday. Bookbuilding is expected between Oct. 30 and Nov. 3, with pricing slated for Nov. 7.
Even if the shares are sold at the bottom of the range, the IPO would still be the largest in the country since LG Energy Solution’s jumbo $10.8 billion listing in January 2022. The local IPO market is picking up after a year marked by small-ticket deals, with Doosan Robotics Co. last week raising 421.2 billion won in the largest domestic offering of 2023.
Ecopro Materials manufactures cathode material precursors, a key ingredient in lithium secondary batteries. Seoul-listed battery material producer Ecopro Co. owns nearly 54% of the Ecopro Materials, according to the prospectus.
Shares of the parent company have surged about 8.5 times since the start of the year on the back of a retail investor frenzy.
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Mirae Asset Securities Co. is the lead arranger of Ecopro Materials’ IPO. Subscription by retail investors is set for Nov. 8 to Nov. 9.
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