LG Electronics Files for IPO, Set to Become India's Fifth Largest Listing South Korea-based consumer electronics giant LG Electronics India filed its draft papers with the market regulator Securities and Exchange Board of India (SEBI) on Friday for its initial public offer (IPO).
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South Korea-based consumer electronics giant LG Electronics India filed its draft papers with the market regulator Securities and Exchange Board of India (SEBI) on Friday for its initial public offer (IPO).
The issue size is estimated to be valued at INR 15,000 crore, making it India's fifth largest IPO after Hyundai Motors, Life Insurance Corporation, Paytm, and Coal India.
The issue will consist entirely of an offer for sale by the promoter selling shares, LG Electronics Inc., with plans to sell close to 101.8 million shares which is 15 per cent of the equity capital.
India is the company's second-biggest consumer market after the United States and as per the draft red herring prospectus (DRHP), LG India reported a 12 per cent jump in net profits in FY24, amounting close to INR 1,511 crore. The company's revenue rose 7 per cent to INR 21,557 crore.
LG is valued at around INR 1 lakh crore at its INR 15,000 IPO, with Voltas being its closest competitor, with a market capitalization of INR 56,510 crore.
According to reports, LG also recently proposed to the government of Andhra Pradesh for an INR 7,000 crore public-private partnership to build its third factory in Sri City. The company plans to invest INR 5,000 crore in the project where it will produce air conditioners, refrigerators, washing machines, and televisions in the facility.
Morgan Stanley, JPMorgan, Axis Capital, BofA Securities, and Citi are book-running lead managers (BRLMs) of the issue.
