LG Electronics India Ltd, a subsidiary of the South Korean chaebol LG, has obtained markets regulator SEBI’s approval for its ₹15,000 crore preliminary public providing (IPO), folks acquainted with the matter mentioned 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 obtained approval from the Securities and Alternate Board of India (SEBI) to drift its public problem, folks acquainted with the matter mentioned.
The corporate didn’t disclose the whole problem dimension, however they mentioned the pegged IPO dimension is ₹15,000 crore.
Because the public problem is totally a proposal on the market (OFS), LG Electronics India won’t 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 residence home equipment and client electronics. The corporate merchandise are offered to each B2C and B2B clients in India and overseas. It additionally offers set up, restore, and upkeep providers 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 items 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.
