LG Electronics India Sets Sights on Growth with Optimally Priced IPO
LG Electronics India launches a Rs 11,607 crore IPO, priced between Rs 1,080-1,140 per share, ensuring long-term shareholder valuation. Plans include doubling capacity with a new facility in Andhra Pradesh and affirming commitment to India's Make-in-India initiative. The IPO will open for subscription on October 7.
- Country:
- India
In a significant financial move, LG Electronics India announced its IPO, priced strategically between Rs 1,080 and Rs 1,140 per share, intended to optimize long-term shareholder profitability. This development marks LG's reaffirmed commitment to expanding its footprint in India, aligning with the country's Make-in-India initiative.
Sanjay Chitkara, Chief Sales Officer at LG Electronics India, emphasized that the pricing of the IPO balances market sentiments with company fundamentals, aiming to create sustained valuation for stakeholders. The IPO, opening October 7, represents an offer-for-sale by the South Korean parent, with no direct proceeds going to LG India.
As part of its ambitious growth strategy, LG plans to commission a third manufacturing facility in Sri City, Andhra Pradesh, by November next year, with an investment of USD 600 million. This expansion aligns with the company's focus on premium product penetration in emerging and developed markets.
(With inputs from agencies.)
ALSO READ
Naidu's Vision: Welfare, Development, and Empowerment in Andhra Pradesh
Debate Heats Up Over Infrastructure Vs. Temples in Andhra Pradesh
Power Play in Andhra Pradesh: Naidu vs. APERC
Godavari on the Rise: Flood Alert in Telangana and Andhra Pradesh
Pioneering Progress: Andhra Pradesh's Vision for a Dynamic Future
Google News