South Korea battery maker LG Energy Solution’s (LGES) planned initial public offering (IPO) is expected to raise at least 10.9 trillion won ($9.26 billion), Reuters calculations show, as it seeks funds to expand and meet booming demand for EV batteries.

LGES is LG Chem Ltd’s wholly owned battery subsidiary, which supplies Tesla Inc, General Motor Co and Hyundai Motor Co among others.

The company said in a regulatory filing on Tuesday that it expects to offer 34 million new shares in an indicative range of 257,000-300,000 won per share.

It also plans to offer 8.5 million existing shares in the same price range, according to a separate filing.

KB Securities and Morgan Stanley will lead the proposed deal. Bank of America, Citigroup, Daishin Securities, Goldman Sachs and Shinhan Investment Corp have also been appointed as bookrunners.