LG Electronics India gets SEBI nod for ₹15,000cr IPO
What's the story
LG Electronics India, a subsidiary of South Korean conglomerate LG, has got the nod from the Securities and Exchange Board of India (SEBI) for its ₹15,000 crore initial public offering (IPO).
This will be a major move as it will be the second South Korean company to enter the Indian stock market.
The first was Hyundai Motors India, which listed in October 2024.
Offer for sale
Parent company to sell 10.2 crore shares
In December, LG Electronics India filed preliminary papers with SEBI for an IPO, in which the parent company plans to sell over 10.18 crore shares, or a 15% stake.
The company has pegged the IPO size at ₹15,000 crore.
Since this public offering is a complete offer for sale (OFS), LG Electronics India won't get any IPO proceeds.
Company profile
Roadshows for IPO have already begun
Last month, LG Electronics India started roadshows for its upcoming IPO.
The company is a top manufacturer and seller of home appliances and consumer electronics. Its products are sold to both B2C and B2B customers in India and overseas.
It also offers installation, repair as well as maintenance services for all its products.
The company has manufacturing units in Noida (Uttar Pradesh) and Pune (Maharashtra).
Financials
Financial details and lead managers for the IPO
For the fiscal year ending March 31, 2024, LG Electronics India had a revenue from operations of ₹64,087.97 crore.
Morgan Stanley India, JP Morgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India are the book-running lead managers for this issue.
These firms will lead LG Electronics through its public offering journey in the Indian stock market.