Posco Chemical said on Friday that it has secured 1.2735 trillion won in its share offering.
The company issued 16.47 million shares. The payment will be made on January 21 and the shares will be listed on February 3.
Company employees bought 99% of the 1.94 million shares allotted to them.
Existing shareholders subscribed for 15 million shares, which allowed to exceed Posco’s initial target.
The company said it offered its biggest share issuance since its founding and offered its vision to grow its battery business.
This has caused share prices and subscription rate to rise, the firm said.
Posco Chemical will invest the funds into expanding its cathode and anode production rat.
It plans to spend 690 billion won in expanding its cathode factory at Gwangyang. It is planning to spend 150 billion won in expanding its cathode factory in Europe to meet rising demand there.
By 2030, the company will increase its annual cathode production rate from 40,000 metric tonnes to 400,000. In anode, it plans to increase it from 44,000 metric tonnes to 260,000.
The company is aiming for a market share of 20% in batter material by 20230 with sales of 23 trillion won.