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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.
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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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.