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), individuals 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 12 months.
In December, LG Electronics India filed preliminary papers with SEBI for an IPO whereby the father or mother 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 situation, individuals aware of the matter stated.
The corporate didn’t disclose the full situation dimension, however they stated the pegged IPO dimension is ₹15,000 crore.
Because the public situation 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 father or mother.
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 shopper electronics. The corporate merchandise are offered to each B2C and B2B prospects in India and overseas. It additionally offers 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 12 months ended March 31, 2024.
Morgan Stanley India, J P Morgan India, Axis Capital, BofA Securities India, and Citigroup International Markets India are the book-running lead managers for the difficulty.
