LG Electronics India received SEBI’s approval for an IPO worth Rs. 15,000 cores. This is allegedly a 15% holding of the Indian Unit. The company went in for approval in December and just received the ‘Go Ahead’.
LG Electronics India OFS (Offer For Sale)
The IPO (Initial Public Offering) is structured as an OFS. The parent company, LG Electronics Inc. from South Korea, is planning to sell over 10.18 crore equity shares, which make up a 15% stake in its Indian subsidiary. Consequently, the parent company will claim all the IPO proceeds. LG Electronics India will not receive any fresh capital infusion. After Hyundai, LG Electronics is the second South Korean company to get SEBI approval for an IPO.
Advisors To The IPO
The companies advising for and dealing with the IPO are- Morgan Stanley India, J.P. Morgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India
Opening Date and Expected Price
The opening date for IPO has not been announced yet. But people are already curious about how much the price per share will be ana when will it be avail for purchase. Sources say IPO will open with a face value of Rs 10 per share.
Financial Performance of LG Electronics India
LG Electronics India follows a financial year that ends on March 31st. For FY24, ending on March 31st, 2024, LGE India reported Rs. 21,352 crores in revenue from operations. This marked a 7.48% increase from the previous year. The profit after tax was Rs. 1,511.1 crore, a 12.35% increase compared to the same quarter of last year.
About LG Electronics India
LG Electronics India is a subsidiary of LG, headquartered in South Korea. The company holds a prominent position in India’s consumer electronics and home appliances sector. Their products fall in the wide range of electronics such as washing machines, refrigerators, LED TVs, inverter air conditioners, and microwaves. The company operates manufacturing facilities in Noida, Uttar Pradesh, and Pune, Maharashtra.
