LG Energy Solution is expected to hire lead managers and bookrunners as early as this week for its planned initial public offering (IPO) on the Seoul stock exchange, which could value the company at up to 100 trillion won ($90.3 billion).

About nine local brokers and foreign investment banks pitched online for a role on the flotation of the company for two days from January 21. Each candidate reportedly made a presentation for about an hour.

LG Energy Solution, the electric vehicle battery business spun off from LG Chem last month, is estimated to be worth up to 100 trillion won. Although the size of the stake it will sell is still uncertain, the listing would be the largest ever in South Korea.

This means that the company will need more than three or four bookrunning managers to cover the offering, industry watchers said.

“Most of the candidates are likely to be chosen for roles on the deal, so the competition is not about winning a role but about winning a lead role,” said an industry insider.

LG Energy Solution will decide on the timeline for the IPO once it selects bookrunners, but is aiming to file a preliminary prospectus in the first half of the year.

LG Chem is looking to significantly increase capital expenditure to cement its dominant position in electric vehicle battery manufacturing. (Reporting by Chul Kang)