LG Electronics India IPO Surges Ahead: A New Chapter in Indian Stock Market
The initial public offering of LG Electronics India Ltd witnessed significant interest, receiving over three times the subscription on the second day. With a price range of Rs 1,080 to Rs 1,140 per share, the IPO aims to raise Rs 11,607 crore, representing a 15% stake sale by its South Korean parent.
- Country:
- India
On Wednesday, the much-anticipated initial public offering (IPO) of LG Electronics India Ltd received overwhelming attention, with subscriptions soaring 3.32 times by the second day of bidding. According to data from the National Stock Exchange (NSE), investors placed bids for a staggering 23,70,85,836 shares against the 7,13,34,320 shares on offer.
The segment dedicated to non-institutional investors witnessed a massive 7.60 times subscription. Simultaneously, Qualified Institutional Buyers (QIBs) marked a 2.59 times subscription, while Retail Individual Investors (RIIs) attracted 1.90 times. The company amassed Rs 3,475 crore from anchor investors ahead of the IPO commencement.
This Rs 11,607-crore offer, set to wrap up by Thursday, comes with a price band fixed at Rs 1,080 to Rs 1,140 per share, potentially valuing the company at around Rs 77,400 crore. Notably, the offering is entirely an offer-for-sale with proceeds going to the South Korean parent firm, marking yet another significant entry in the Indian market following Hyundai Motors last year.
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