LG.Philips LCD Co., the world's largest maker of liquid crystal displays last year, plans to raise 2.3 trillion won ($1.9 billion) in an initial public offering, South Korea's financial regulator said.
The company, a venture between Royal Philips Electronics NV of the Netherlands and LG Electronics Inc. plans to raise 1.5 trillion won selling new shares and 800 billion won selling existing shares, the Financial Supervisory Service said in a statement. Seoul-based LG.Philips LCD plans to start trading the stock on July 14.
LG.Philips LCD needs the funds to compete against Samsung Electronics Co. for the lead in the global market for LCDs used in TVs and computer monitors, where sales are forecast to rise this year by 56 percent to $37 billion. Both plan to build new display plants that can cost more than $2 billion each to make bigger screens more cheaply. /bloomberg.com
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