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 accustomed to 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 dad or mum 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 subject, individuals accustomed to the matter stated.
The corporate didn’t disclose the full subject dimension, however they stated the pegged IPO dimension is ₹15,000 crore.
Because the public subject 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 dad or mum.
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 shopper electronics. The corporate merchandise are offered to each B2C and B2B prospects in India and overseas. It additionally gives 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 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 World Markets India are the book-running lead managers for the problem.
