SEOUL/HONG KONG: South Korean battery material maker SK IE Technology Co Ltd saw its stock debut on Tuesday at double its initial public offering price, amid rising expectations of electric vehicles displacing those powered by fossil fuel.AdvertisementThe listing comes as automakers worldwide increasingly add and even replace traditionally powered cars in their line ups with new-energy alternatives such as fully electric vehicles.
SKEIT supplies separators, a key component in lithium-ion batteries, to battery makers including SK Innovation Co Ltd, Samsung SDI Co Ltd, LG Energy Solution Ltd and Japan's Panasonic Corp. Last year, revenue from the component made up 56per cent of total sales, accelerating from 19per cent in 2018.
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