LG.Philips sets $2 billion offering

LG.Philips LCD has increased the size of its initial public offering, planned in July, to 2.3 trillion won ($2 billion), the Financial Supervisory Service said yesterday. The world’s second-largest liquid crystal display maker suggested two weeks ago that it was planning a $1-billion initial offering this year. Reuters news agency said the size of the initial public offering by LG.Philips LCD would be the world’s largest technology stock sale. The company plans to sell the equivalent of 1.8 trillion won worth of stock in New York and 500 billion won in Seoul, the service said. The company said it would invest $21 billion over the next 10 years, mostly in a manufacturing plant now under construction in Paju, west of Seoul. But some analysts question the timing of the offer, given the market jitters here. Kim Hyun-tae of Woori Investment Trust and Management suggested that the offering could be delayed. by Park Sung-ha