The battery material maker SK IE Technology raised US$2bn from its initial public offering (IPO), a media report said.

SKIET shares were priced at KRW105,000 each which was the top of the range announced in a regulatory filing last month to raise about KRW2.2 trillion (US$1.98bn), Reuters reported, citing a company statement.

The listing, which parent company SK Innovation said would occur on 11 May, would be the biggest in South Korea since May 2017, according to Korea Exchange data.

The pricing values the battery material maker at KRW7.5 trillion which, analysts told Reuters, should be enough lift the company into the benchmark KOSPI 200 index.

SKIET would offer about 8.6m new shares, raising about 898bn won, the report said.

SKIET supplies battery separators to SK Innovation, LG Energy Solution, Samsung SDI, Panasonic and others, Reuters said.

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By GlobalData

“Money raised through issuance of new shares will be used for our capital expenditure investment,” Rho Jae-sok, CEO of SKIET said recently, adding the company plans about KRW700-KRW800bn of annual capex spending for some time, according to Reuters.