LG Electronics India IPO: Consumer appliances firm raises ₹3,475 crore from anchor investors ahead of public issue

LG Electronics India IPO: LG Electronics India Ltd, the Indian arm of South Korea's LG conglomerate, on Monday said that it raised ₹3,475 crore from anchor investors ahead of its initial public offering (IPO).

The electronics maker allocated a total 30,481,539 equity shares to 149 funds to the anchor investors at an allocation price of ₹1,140 per share, the company informed BSE in an exchange filing.

The Singapore government, Goldman Sachs, Fidelity Funds, BlackRock Global Funds, Abu Dhabi Investment Authority, and Government Pension Fund Global are among the anchor investors, according to a circular uploaded on BSE's website.

Domestic Institutional investors, including SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Kotak MF, SBI Life Insurance Company, HDFC Life Insurance Company, and ICICI Prudential Life Insurance Company, have received shares in the anchor round.

LG Electronics India latest GMP

On Monday, October 6, the grey market premium (GMP) of the LG Electronics India IPO stood at ₹322 per share at 10:35 pm. With the upper price band at ₹1,140 per share, the shares of the company are expected to be listed at ₹1,462, with a premium of 28.25 per cent, according to data from Investorgain.

LG Electronics India IPO details

LG Electronics India's ₹11,607-crore IPO will open for subscription from October 7 to October 9. The price range is fixed between ₹1,080 and ₹1,140 per share, valuing the company at approximately ₹77,400 crore at the upper limit.

This marks the second South Korean company to enter the Indian stock market, after Hyundai Motors India Ltd's listing in October of the previous year.

The IPO consists solely of an offer-for-sale of 10.18 crore shares, which accounts for approximately 15 per cent of the stake, by the South Korea-based parent company.

Regarding the allocation, 50 per cent is designated for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the rest 15 per cent for non-institutional investors.

LG Electronics India is likely to be listed on the stock market on October 14.

About LG Electronics India

LG Electronics India is a prominent leader in major home appliances and consumer electronics. Its products are available to both B2C and B2B customers in India and internationally. Additionally, the company offers installation, repair, and maintenance services for all its products.

The company produces and sells various products such as washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. Its manufacturing facilities are located in Noida (UP) and Pune.

Read all IPO news here.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.