Dec 06, 2024 06:10 PM IST
If plans do materialise, the public issue of LG Electronics India would be among the top 5 IPOs in the country.
LG Electronics India, the Indian subsidiary of South Korean giant LG Electronics, is reportedly set to file for a mega initial public offering (IPO) to raise more than ₹15,200 crore.
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“The e-filing of the draft red prospectus with Sebi (Securities and Exchange Board of India) is likely to be done shortly. This is a really large deal and the issue size is expected to be around $1.8 billion or ₹15,237 crore,” a person aware of the development told Moneycontrol.
The IPO is a pure OFS (offer for sale) by the parent company, a second person told the website.
According to two other persons, investment banks working on the deal include Morgan Stanley, JP Morgan, Axis Capital, Citi, and Bank of America (BofA) Securities.
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They also said, “Shardul Amarchand Mangaldas is the lawyer for LG Electronics, while Cyril Amarchand Mangladas is representing the banks. The Indian market has attracted multiples, and a public listing would lead to a stronger India connection.”
If plans do materialise, the public issue of LG Electronics India would be among the top 5 IPOs in the country, a club which currently includes Hyundai Motor India, Life Insurance Corporation (LIC), Paytm and Coal India.
As per an October 29 report in the Business Standard, LG Electronics India’s revenue saw a 7% jump to ₹21,557 crore in FY24, while the net profit rose 12% to ₹1,511 crore during this period.
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Of the company’s revenue, 27% came from the sales of refrigerators, followed by washing machines (21%) and 20% each by televisions and air conditioners.
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