LONDON -- LG Philips LCD, the world's biggest maker of liquid crystal displays, is planning to raise more than $1 billion through an initial public offering in the third quarter of this year, according to a Financial Times report.
The IPO would open up to investors a major company currently company, jointly-owned by South Korea's LG Electronics and Royal Philips Electronics of the Netherlands.
LG Philips LCD needs the cash to fund capacity expansion, amid strong demand for LCDs for flat screen televisions and computer monitors
The stock would be dual listed in Seoul and New York, the report said.
LG Philips LCD has a 21 percent share of the worldwide market for large-sized LCD panels, ahead of South Korea's Samsung Electronics, with 20 percent. Taiwan's AU Optronics has 12 percent, according to the report.
The report also said that in March LG Philips LCD announced an intention to invest $21 billion into LCD capacity over the next 10 years.