LG Electronics India Ltd, a subsidiary of the South Korean chaebol LG, has acquired markets regulator SEBI’s approval for its ₹15,000 crore preliminary public providing (IPO), folks aware of the matter stated on Thursday.
This would be the second South Korean firm to faucet the Indian inventory market following the itemizing of Hyundai Motors India Ltd in October final yr.
In December, LG Electronics India filed preliminary papers with SEBI for an IPO whereby the mum or dad firm will promote over 10.18 crore shares, amounting to a 15 per cent stake.
Now, the corporate has acquired approval from the Securities and Trade Board of India (SEBI) to drift its public challenge, folks aware of the matter stated.
The corporate didn’t disclose the entire challenge dimension, however they stated the pegged IPO dimension is ₹15,000 crore.
For the reason that public challenge is totally a suggestion on the market (OFS), LG Electronics India is not going to obtain any IPO proceeds. The funds raised will go to the South Korean mum or dad.
Final month, LG Electronics began roadshows for the upcoming IPO of its Indian unit.
LG Electronics India is a number one participant in main dwelling home equipment and client electronics. The corporate merchandise are bought to each B2C and B2B clients in India and overseas. It additionally supplies set up, restore, and upkeep companies for all its merchandise.
The corporate manufactures and sells merchandise, together with washing machines, fridges, LED TV panels, inverter air conditioners, and microwaves. It has manufacturing models in Noida, Uttar Pradesh and Pune, Maharashtra.
On the monetary entrance, LG Electronics India’s income from operations was ₹64,087.97 crore for the monetary yr ended March 31, 2024.
Morgan Stanley India, J P Morgan India, Axis Capital, BofA Securities India, and Citigroup World Markets India are the book-running lead managers for the problem.
