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IPO

LG Electronics India's Rs.11,607-Cr IPO garners 54 times subscription

Rediff   LG Electronics India Ltd  

The Initial Public Offering (IPO) of LG Electronics India Ltd , valued at INR 11,607 crore, received a subscription of 54.02 times, driven by institutional investors.The company had previously raised INR 3,475 crore from anchor investors. The IPO had a price band of INR 1,080 to INR 1,140 per share, valuing the company at around INR 77,400 crore at the upper end of the price band.The IPO is entirely an Offer For Sale (OFS) of 10.18 crore shares, representing approximately a 15% stake by the South Korea-based parent. The funds raised will go to the parent company.The book-running lead managers for the offering were Axis Capital, Citigroup Global Markets India, Morgan Stanley India Company, J.P. Morgan India, and BofA Securities India.LG Electronics India is a player in home appliances and consumer electronics, selling products to both B2C and B2B customers in India and internationally. It has manufacturing units in Noida and Pune.