Chey Tae-won, chairman of SK Group, speaks at the Boao Forum for Asia Annual Conference in Boao, … [+]
Qilai Shen/Bloomberg
A unit of South Korean conglomerate SK Group that makes materials for lithium-ion batteries has raised $2 billion in its initial public offering on the Korea Exchange, underscoring global demand for electric vehicles and its components.
The IPO of SK IE Technology, which takes place on May 11, will be the largest Korea listing since gaming company Netmarble‘s $2.4 billion debut in 2017. SK IE Technology used to be a part of SK Innovation, SK Group’s chemical subsidiary that makes electric vehicle batteries, until it was spun off in 2019. SK Innovation will own 61% of SK IE Technology after the listing.
SK Group is one of the largest chaebols, or family-run conglomerates in Korea. The group’s subsidiaries work largely in energy, chemicals, semiconductors, telecommunications…