LG Electronics India Set for October IPO at Up to $8.7B Valuation
LG Electronics India is set to make its stock market debut in October, with an Initial Public Offering (IPO) priced between 1,080 and 1,140 rupees per share. The IPO, which was initially planned for May, is now one of several large offerings scheduled for the busy month.
The IPO aims to raise up to 116 billion rupees ($1.3 billion) at the top of the price range, valuing LG Electronics India at up to 774 billion rupees ($8.71 billion). LG Electronics Inc., the main shareholder, is offloading a 15% stake in the Indian subsidiary through the offering.
LG Electronics India, which competes with Whirlpool and Samsung in the domestic appliance market, is not issuing new shares in the IPO. The Indian tax body has recently lowered consumption taxes on electronics to boost festive season demand, which could benefit the company. The Indian appliance market is expected to grow at a CAGR of 12% till 2029.
The IPO, which was delayed due to market volatility, is now set to proceed in October. The offering will give investors the chance to buy into LG Electronics India, a major player in the domestic appliance market, at a valuation of up to 774 billion rupees ($8.71 billion).
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