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LG files for India IPO in Korea Inc.'s 2nd Street outing
December 07, 2024
|Mint Mumbai
The Indian arm of LG Electronics on Friday filed for an initial public offering (IPO), becoming the second South Korean conglomerate to sell its shares in the country after automobile giant Hyundai Motor Co.
The Korean parent will sell 101.8 million shares, accounting for about 15% of the post-offer paid-up equity share capital of LG Electronics India Pvt. Ltd, the company's draft IPO papers showed. Morgan Stanley, JPMorgan, Axis Capital, BofA Securities and Citi will manage the IPO, which will be a pure offer for sale (OFS).
The issue size is expected to be about $1.8 billion or ₹15,237 crore, a Moneycontrol report said. The face value of each share is ₹10.
LG Electronics India, which sells washing machines, TVs, air conditioners and refrigerators, among other electronic goods, competes with the Indian units of Samsung and Whirlpool. The IPO does not have a fresh share component, and the proceeds are expected to entirely go back to the parent entity, as per the filing.
هذه القصة من طبعة December 07, 2024 من Mint Mumbai.
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