LS EV Korea to Pursue Listing Next Month... Advancing as a Specialized Electric Vehicle Parts Company

LS EV Korea high-voltage harness assembly scene.

[Asia Economy Reporter Dongwoo Lee] LS EV Korea, a subsidiary of LS Cable & System, announced on the 18th that it has submitted a securities registration statement to the Financial Services Commission and plans to be listed on KOSDAQ by the end of next month.

LS EV Korea was established by spinning off the electric vehicle parts division, which LS Cable & System had been nurturing as a new growth engine since 2017. The company supplies electric vehicle wiring harnesses, battery pack components, and energy storage system (ESS) parts to global automakers such as Volkswagen, Volvo, BYD, and LG Chem. These are key components that supply power to electric vehicles or operate and control sensors.

LS EV Korea recorded sales of 218 billion KRW in 2018. The company stated that it has secured delivery volumes for the next three years.

The number of shares to be offered in the upcoming listing of LS EV Korea next month is 15 million shares. The expected offering price is between 5,500 and 6,100 KRW, with the total offering amount projected to reach 82.5 to 91.5 billion KRW. Demand forecasting will be conducted on the 11th and 12th of next month, followed by general subscription on the 18th and 19th. The company plans to use the proceeds to expand facilities and technology investments and to actively pursue growth as a global electric vehicle parts specialist.

LS EV Korea CEO Noh Jae-hoon said, "By around 2030, the demand for electric vehicles is expected to surpass that of internal combustion engine vehicles," adding, "We will establish production bases in major electric vehicle markets such as Korea, China, and Europe to quickly respond to global customers' needs and directly benefit from market growth."