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LG Energy Solution shares jump 68% in historic market debut

After record IPO, investors expect surging demand for EV batteries to drive growth

Investors are optimistic about prospects for the South Korean electric vehicle battery maker as it started trading on the Kospi exchange. (Photo courtesy of LG Energy Solution)

SEOUL -- LG Energy Solution shares surged in their stock market debut on Thursday following South Korea's largest-ever initial public offering, with investors betting that soaring demand for electric vehicle batteries will spur the company's growth.

The stock price closed at 505,000 won ($420) per share, up 68.3% from its IPO price on the benchmark Kospi index, though pared gains after doubling at the start of trading. LG Energy Solution's market capitalization reached 118.2 trillion won, enough to land the company in second place on the index by market value after Samsung Electronics.

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