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SK battery materials affiliate plans $2bn IPO next month

South Korean company to use proceeds to expand Polish factory as demand soars

SK IE Technology CEO Roh Jae-sok explains the IPO by telling reporters, "[O]ur cash flow is not enough to cover [our] very large-scale investments." (Photo courtesy of SK ie technology)

SEOUL -- SK IE Technology, the battery materials affiliate of SK Innovation, plans a $2 billion initial public offering on Seoul's stock market next month as it ramps up production to meet growing demand for electric car batteries and other products.

SK IE Technology said it aims to raise up to 2.2 trillion won ($2 billion) in the IPO, floating 21.4 million shares in mid-May in a price band from 78,000 won to 105,000 won per share. The IPO price will be fixed after book building on Friday.

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