The company conducted a roadshow in Mumbai for its IPOs, which may raise up to $1.5 billion
New Delhi: LG Electronics has started roadshows for the upcoming initial public offering (IPO) of its Indian unit, where the South Korean chaebol will sell over 10.18 crore shares amounting to a 15 per cent stake.
The company conducted a roadshow in Mumbai for its IPOs, which according to some reports, may raise up to $1.5 billion, industry insiders told PTI.
LG has plans to conduct a similar roadshow in other cities to woo potential investors, they said.
An LG Electronics spokesperson declined to comment on the development and said the draft red herring prospectus (DRHP) filed before market regulator Sebi is still under review.
“LG Electronics India has put out a DRHP that has been shared with the Securities and Exchange Board of India (SEBI) and is under review. We will not be able to comment beyond this,” he said.
Earlier on December 6, 2024, LG Electronics India Ltd — a subsidiary of the South Korean chaebol LG — had filed preliminary papers with Sebi for an IPO wherein the parent company will sell over 10.18 crore shares, amounting to a 15 per cent stake.
After the listing of Hyundai Motors India Ltd, LG Electronics will be the second South Korean company that will tap the Indian stock market.
The proposed IPO is entirely an offer for sale (OFS) of 10.18 crore equity shares by promoter LG Electronics Inc with no fresh issue component, according to the draft red herring prospectus (DRHP).
Its South Korean parent company, LG Electronics Inc, will sell 10,18,15,859 equity shares of face value of Rs 10 each, according to the DRHP.
Since the public issue is completely an offer for sale(OFS), LG Electronics India will not receive any IPO proceeds. The funds raised will go to the South Korean parent.
LG Electronics India is a leading player in major home appliances and consumer electronics. The company products are sold to both B2C and B2B customers in India and abroad. It also provides installation, repair, and maintenance services for all its products.
LG Electronics India’s revenue from operations was Rs 64,087.97 crore for the financial year ended March 31, 2024.
