By Scott Murdoch and Joyce Lee

HONG KONG (Reuters) -Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest ever initial public offering (IPO), according to a term sheet seen by Reuters.

The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.

It will be the largest IPO in South Korea to date, beating the previous record held by Samsung Life Insurance’s 4.9 trillion won ($4.12 billion) IPO in 2010.

LG Energy Solution will be valued at $51 billion to $59 billion.

The company did not provide any further comment when contacted by Reuters.

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

The company will sell 34 million primary shares and its parent company, LG Chem Ltd, will sell 8.5 million secondary shares in the IPO.

Institutional shareholders will be allotted 55% to 75% of the shares on offer, depending on the retail subscription and employee share ownership plans take up rates, the term sheet said.

Cash raised in the IPO will be mostly used to expand the company’s current production facilities and debt repayment, according to the term sheet.

($1 = 1,188.7400 won)

(Reporting by Scott Murdoch and Joyce Lee; Editing by Himani Sarkar & Shri Navaratnam)