South Korea's LG Electronics is preparing to launch the Initial Public Offering (IPO) of its Indian unit. LG Electronics India has filed a draft red herring prospectus (DRHP) for the IPO with market regulator Securities Exchange Board of India i.e. SEBI. This information has been received from BSE notification.
According to Moneycontrol report, LG Electronics India Private Limited will raise about $ 180 billion i.e. Rs 15,237 crore from the IPO. This issue is an offer for sale, through which 10.18 crore equity shares of face value of Rs 10 will be sold. The company will not get any income from IPO.
Will be one of the top-5 biggest IPOs in the country so far
With this issue size, this public issue will be one of the top-5 largest IPOs in the country so far. DRHP lists Morgan Stanley, JP Morgan, Axis Capital, BofA Securities and Citigroup as lead managers to the issue.
LG India has set a target of electronics revenue of $ 7,500 crore by 2030.
IPO may come early next year 2025
According to reports, this IPO may come next year in early 2025. When the shares are listed after the IPO of around $180 billion, the valuation of LG Electronics India Private Limited can be around $13 billion.
Company's revenue target of $7,500 crore
LG Electronics is bringing this IPO as a strategy, because the company has set a target of electronics revenue of $ 7,500 crore by 2030 and this is part of its efforts to bring the consumer electronics business back on track. Company CEO William Cho said these things in an interview with Bloomberg Television in August.
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