Mumbai3 minutes ago
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South Korea’s LG Electronics is soon to bring the initial public offering of its Indian unit i.e. IPO. Market Regulator Security Exchange Board of India i.e. SEBI has given approval to the draft papers of LG Electronics India.
The issue size of this IPO will be Rs 15,000 crore. This issue is offer for sale, through which 10.18 crore equity shares of face value will be sold for Rs 10.18 crore. The company will not have any income from the IPO.
Earlier on December 19, the company filed a draft red herring prospectus (DRHP) near SEBI.
The top-5 of the country will be one of the largest IPOs
With this issue size, this public issue will be one of the biggest IPOs in the country so far. In DRHP, Morgan Stanley, JP Morgan, Axis Capital, Bofa Securities and Citigroup have been described as the lead managers of this issue.
LG India has targeted a $ 7,500 million electronics revenue by 2030.
When there is a share list after the $ 1.8 billion $ iPO, the valuation of LG Electronics India Private Limited can be around $ 1300 million i.e. Rs 1.10 lakh crore.
The company’s target of $ 7,500 million revenue
LG Electronics is bringing this IPO under a strategy, as the company has targeted an electronics revenue of $ 7,500 million, or 6.35 lakh crore rupees by 2030 and is part of efforts to bring consumer electronic business on track again. These things were said by the company’s CEO William Cho in an interview with Bloomberg Television in August.
