New Delhi: LG Electronics India Limited on Tuesday announced that it has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) which is expected to be around Rs 15,000 crore.
The company, a wholly-owned subsidiary of South Korean giant LG Electronics Inc., had filed its draft red herring prospectus (DRHP) with SEBI on December 6, 2024.
With the final observation from the regulator, the company can now proceed with the offering, according to its statement.
The IPO will be entirely an offer for sale (OFS), where LG Electronics Inc. will sell up to 10.18 crore equity shares.
Each share has a face value of Rs 10. This means that the IPO will not raise fresh capital for the company but will allow the parent company to offload its stake.
While the company has not disclosed the total issue size, it has reportedly pegged the IPO at around Rs 15,000 crore.
The IPO will be managed by investment banks Morgan Stanley India, JP Morgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India. KFin Technologies will serve as the registrar for the issue.
LG Electronics India has been a dominant player in the Indian home appliances and consumer electronics market.
According to a Redseer Report cited in the DRHP, the company has maintained its position as the market leader in offline sales by value for 13 consecutive years, from 2011 to 2023.
Financially, LG Electronics India has performed better than several listed competitors. In the financial year 2024, the company reported a revenue of Rs 21,352 crore, up from Rs 19,868.24 crore in the previous year.
Its profit after tax also saw a rise of 12.35 per cent, reaching Rs 1,511.07 crore from Rs 1,344.93 crore. In the quarter ending June 30, 2024, the company recorded a revenue of Rs 6,408.80 crore and a profit after tax of Rs 679.65 crore.
Meanwhile, Hyundai Motor India launched its Rs 27,870.16 crore public offering last year, which stands as India’s largest public offering to date.
The subscription window was open from October 15 to October 17, with a price band set between Rs 1,865 and Rs 1,960 per share.
The IPO was entirely an offer for sale (OFS) of 14.22 crore shares, with no fresh issue component.
IANS
India projected to clock 6.8-7 pc growth in Q2, current fiscal to register 6.3 pc: HSBC
New Delhi: India’s GDP growth is projected at 6.3 per cent in current fiscal (FY26) despite external headwinds, an HSBC report said on Wednesday, adding that with 70 per cent...
Remittances by Indians working abroad scale record high of $135 billion in FY25
Mumbai: The remittances sent back home by Indians working abroad have registered a 14 per cent rise in the financial year 2024-25 to a record $135.46 billion, according to data...
More Indians now invest in equities as financialization of household savings rises: SBI
New Delhi: The financialization of household savings in India has gained significant momentum as equities as percentage of household savings in the country has increased from 2.5 per cent in...
Gold, silver prices fall sharply this week; global trends, geopolitical easing behind dip
New Delhi: There’s good news for gold and silver buyers as prices of both precious metals saw a decline this week, bringing gold back below Rs 96,000 per 10 grams...
India’s auto sector powers $5 trillion economy dream with record growth in EVs, exports, jobs
New Delhi: As India moves closer to achieving its $5 trillion economy dream, the automobile sector is emerging as a strong pillar of growth by contributing around 7.1 per cent...
Over 130 UK GCCs in India generate $6.5 billion annually, employ 2 lakh people: Report
New Delhi: Over 130 UK Global Capability Centres (GCCs) have been set up in India (as of FY24) — making them the second-largest GCC cohort in India after the US...
Kolhapuri Chappals: Prada accepts Indian craftsmanship, open for meaningful exchange with artisans
New Delhi: After facing severe backlash, Italian fashion house Prada has officially admitted that the Kolhapuri Chappals, featured in the recent Prada Men's 2026 Fashion Show, is inspired by India’s...
Indian stock markets stage sharp rebound this week, FII buying returns
Mumbai: The Indian stock markets finally ended their five-week-long consolidation phase, driven by improving global sentiment, easing geopolitical concerns, and noticeable buying by foreign institutional investors (FIIs) in the latter...
Broadband subscribers in India up 3.37 pc at 974.87 million in May
New Delhi: The total number of broadband subscribers increased from 943.09 million at the end of April to 974.87 million at May-end with a monthly growth rate of 3.37 per...
In a first, India exports rose-scented litchis from Punjab to Qatar, Dubai
New Delhi: In a significant boost to India’s horticultural exports, the Centre’s Agricultural and Processed Food Products Export Development Authority (APEDA) has facilitated the flagging off of the first consignment...
Growth rate of India’s steel production outpaces China’s: Report
Mumbai: India’s steel industry is rapidly advancing toward the government’s target of achieving 300 million tonnes per annum (MTPA) of crude steel capacity by FY2030-31, according to a private sector...
E-commerce to fuel India’s $1 trillion digital opportunity by 2030: Report
Bengaluru: Starting from a base of $30 billion in 2020, India’s online commerce sector is expected to get to $300 billion by the end of the decade in 2030, contributing...
