Tesla Inc (NASDAQ:TSLA) and General Motors Corp (NYSE:GM) South Korean battery supplier LG Energy’s shares jumped higher on its trading debut following a blockbuster initial public offering and the country’s biggest on record, Reuters reported.
What Happened: Shares of the company soared 68% above the IPO price in trading debut to reach a $98 billion market cap.
That brought the newly listed battery-making stock in neck-to-neck competition with consumer electronics giant Samsung Electronics Co Ltd in terms of valuation.
LG Energy is trading down 10% on Friday’s trading in the Korea Composite Stock Price Index, or KOSPI.
See Also: Tesla, GM EV Battery Supplier LG Energy Poised to Price IPO At Top of Range: Report
Why It Matters: LG Energy is a wholly-owned subsidiary of South Korean chemical company LG Chem. The company raised a record $10.7 billion in the IPO. The shares were sold at the top of the offered range.
The offering was also the second-largest globally over the past one year after Rivian Automotive Inc (NASDAQ:RIVN).
LG Energy’s public listing follows a decision to pay GM $1.2 billion over the legacy automaker’s Chevrolet Bolt EV and Bolt EUV mega recall last year.
