SK IE Technology Co. (SKIET), a battery materials subsidiary of SK Innovation Co., is set to draw a record-breaking subscription rate from retail investors for its initial public offering (IPO) on the Seoul bourse, the company's IPO managers said Thursday.

SKIET, which makes lithium-ion battery separators used in electric vehicles, has allowed individual investors to subscribe to up to 5.34 million new common shares to be sold under the IPO on the main KOSPI market on May 11.

The battery material maker has set the IPO price at 105,000 won ($94.60) per share, which would draw 2.2 trillion won.

The bookrunner, Mirae Asset Daewoo Securities, said it has received 22.1 trillion won of deposits on the first day of a two-day IPO public subscription period as retail investors ordered 78.93 times more than their allocated shares.

The deposit surpassed the previous record set by SK Bioscience Co., which drew 14.1 trillion won on the first subscription day. The vaccine development subsidiary of SK Group has recently signed a contract with the US vaccine producer Novavax for the consignment production of its COVID-19 vaccines.

A total of 1,734 domestic and foreign institutional investors participated in a two-day book building period last week and oversubscribed 1,883 times, according to SKIET, marking the largest IPO ever in South Korea. (Yonhap)