LG Electronics India Gears Up for Major IPO

LG Electronics India Ltd, a subsidiary of South Korea's LG, is set to launch its Initial Public Offering (IPO) on October 7. The release announced that the offering period will close on October 9, while bidding for anchor investors starts on October 6, according to the Red Herring Prospectus (RHP) filed on Tuesday.

This move marks the second entry of a South Korean company into India's stock market after Hyundai Motors in October last year. LG Electronics India's preliminary papers were initially filed with Sebi in December, with plans to divest more than 10.18 crore shares, accounting for a 15% stake.

The size of the IPO remains undisclosed, though sources estimate it at approximately Rs 15,000 crore. Being an Offer For Sale, LG Electronics India will not benefit financially from the IPO, with proceeds directed to the parent company. A prominent player in home appliances, the company has manufacturing bases in Noida and Pune, with its operations generating around Rs 64,087 crore in the fiscal year ending March 2024.

(With inputs from agencies.)