LG may file for its IPO with SEBI next month.
After Hyundai, another South Korean company, LG Electronics Inc., is planning to make its debut in the Indian market. LG Electronics may raise Rs 8-13 billion through the IPO, according to reports. LG has appointed Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Morgan Stanley to manage the IPO, which could take place early next year, according to people familiar with the matter.
If experts are to be believed, the valuation of LG Electronics India Private Limited from this IPO may be over $12 billion i.e. one lakh crore rupees. However, nothing has been finalized yet regarding this IPO. Changes in the size, timing and other details of the IPO can be seen.
The company can submit its application next month.
According to the information, the company could file a prospectus with the Indian market regulator early next month. After which more banks may join this IPO along with local banks. Representatives of LG, Bank of America, Citigroup and JPMorgan declined to comment. On the other hand, no statement has been received from Morgan Stanley either. India has become a big market for foreign companies and investors. The way the enthusiasm is being seen in the growth and stock market of India. Many companies around the world are trying to take advantage of it.
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Why is the IPO being launched?
Bloomberg News has reported that Hyundai Motor Company plans to sell shares in its public unit this year, which could be one of the largest listings ever in the South Asian country. Chief Executive William Cho said in a Bloomberg Television interview in August that an IPO of LG’s Indian unit is one of the options the South Korean company is considering as it targets $75 billion in electronics revenue by 2030. It wants to revive its consumer electronics business.
