LG Electronics India Gets SEBI Approval for ₹15,000 Crore IPO

LG Electronics India has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹15,000 crore initial public offering (IPO). The IPO will be an Offer for Sale (OFS), with the South Korean parent company selling over 10.18 crore shares, equivalent to a 15% stake. Since it is an OFS, the company itself will not receive any proceeds, and the funds will go to the parent firm.

LG Electronics India is a major player in the home appliances and consumer electronics market, manufacturing products like washing machines, refrigerators, air conditioners, LED TVs, and microwaves. It has production facilities in Noida and Pune and caters to both B2B and B2C customers.

The company reported a revenue of ₹64,087.97 crore for the financial year ending March 31, 2024. The IPO could raise between $1 billion and $1.5 billion, valuing LG Electronics India at approximately $13 billion. This will be the second South Korean company to list in India, following Hyundai Motors India.

Morgan Stanley India, J.P. Morgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India are the lead managers for the issue.

Source: Mint