Share prices of LG Energy Solution soared in its debut on the South Korean bourse on Thursday, making the company the second most valued company on KOSPI instantly.
The South Korean battery maker was valued at 110 trillion won in its debut, putting it just behind Samsung Electronics’ valuation of 439 trillion won and ahead of third-place SK Hynix’ 80 trillion won.
LG Energy Solution said it plans to use the 10.2 trillion won in funding from its market debut to expand global battery production capacity and focus on research and development.
The company currently has facilities in South Korea, Europe and China.
But it will spend the most funds in North America: LG Energy Solution has previously said it plans to spend 5.6 trillion by 2024 in the US.
For its factories in Europe and China, it plans to spend 1.4 trillion won and 1.2 trillion won, respectively.
LG Energy Solution will also spend 645 billion won in its factory in Ochang to manufacture cylinder batteries that are seeing demand increase from the electric vehicle sector.
Ultium Cells, its joint venture with General Motors, is also planning to spend 3 trillion won to build a third factory in the US.