HONG KONG, Jan 17 (Reuters Breakingviews) - LG Chem"s (051910.KS) battery-making business has electrified investors, but what"s left fails to impress. The South Korean group and its subsidiary, LG Energy Solution, raised read more 12.8 trillion won ($10.8 billion) in the country"s largest ever initial public offering after pricing shares at the top of the indicative price range. The remaining unloved petrochemicals-to-materials rump is low on power. The hotly anticipated deal read more is riding on the region"s electric-car boom read more and attracted $12.8 trillion worth of bids from foreign and local funds - a stunning 2,023 times the amount on offer. LGES, which counts Tesla (TSLA.O) and General Motors (GM.N) as customers, will debut later this month at a market capitalisation of $59 billion, making it the world"s second largest pure-play battery maker after China’s Contemporary Amperex Technology , better known as CATL. There’s notably less excitement around the rest of LG Chem. The carve-out was designed to unlock value, as well as to help fund the battery unit"s expansion. But LG Chem shares have risen just 11% since the company announced the spinoff last September, underperforming the broader benchmark KOSPI index over the same period by roughly half. Even after factoring in proceeds from the offering, LG Chem"s enterprise trades at less than the value of its residual 81.8% stake in the battery subsidiary. One interpretation is that investors are ascribing zero value to its stable petrochemicals business, which generated 65% of the company"s operating profit in the first-half last year. It may not be as exciting as electric vehicles, and jars with environmental mandates at many funds, even so, it"s forecast to generate 2.3 trillion won, about $1.9 billion, in annual earnings, analysts at Bernstein estimate. LG Chem may have more hidden gems too. Its advanced materials division is one such sparkler: It churns out battery cathodes and adhesive films used to make semiconductors and is also expected to benefit from surging electric car and electronics demand. Convincing shareholders there’s value need not be a long slog. Follow @mak_robyn on Twitter CONTEXT NEWS - South Korea"s LG Energy Solution raised 12.8 trillion won ($10.8 billion) in an initial public offering, the company said on Jan. 14. - Shares of LGES, which makes electric-vehicle batteries, were priced at 300,000 won each, the top of the price range. That gives the company a market capitalisation of 70.2 trillion won. - A total of 1,988 domestic and foreign institutional investors placed bids worth a record $12.8 trillion, LGES" filing showed. Demand from institutional investors was 2,023 times the offer - the largest ever for an IPO in South Korea.