EcoPro Materials said on Tuesday that it was issuing 14.47 million new shares for its listing on the Korean exchange.
The upper cap is 46,000 won and it is hoping to raise up to 665.9 billion won from the listing.
EcoPro Materials, a subsidiary of battery cathode maker EcoPro, produces precursors used in the production of cathodes.
Precursors account for up to 70% of the cost of making cathodes. South Korean battery makers rely on China for over 90% of their precursor consumption.
However, the battery makers are attempting to now diversify their supply line as the US Inflation Reduction Act limits their access to supply out of China.
EcoPro Materials offers cathode precursor material and raw material precipitate, the latter being the extraction of nickel and cobalt from low-purity raw materials.
The company has secured an annual production capacity of 50,000 metric tonnes through its factories in Pohang, South Korea.
It said it would build two more factories from the existing two there while also building new factories in North America and Europe.
These factories will secure the company 210,000 metric tonnes in annual production capacity by 2027, giving it a 7.5% market share and making it able to compete with its larger Chinese rivals.
