LG Electronics India Ltd, the Indian arm of the South Korean firm, on Friday filed preliminary papers with capital markets regulator Sebi to drift an preliminary public providing (IPO).
The proposed IPO is completely a proposal on the market (OFS) of 10.18 crore fairness shares by promoter LG Electronics Inc with no contemporary subject part, in accordance with the draft crimson herring prospectus (DRHP).
Its South Korean mother or father firm LG Electronics Inc will promote 10,18,15,859 fairness shares of face worth of Rs 10 every, in accordance with DHRP.
Put up-offer, its shareholding shall be diluted by 15 per cent to 57.69 crore shares within the firm.
For the reason that public subject is totally an OFS, LG Electronics India is not going to obtain any proceeds from the IPO.
In its draft papers, LG Electronics India stated it expects the itemizing of the fairness shares will improve its visibility and model picture and supply liquidity and a public marketplace for the shares.
LG Electronics India is a number one participant in main dwelling home equipment and client electronics. The corporate merchandise are bought to each B2C and B2B prospects in India and internationally. It additionally offers set up, restore, and upkeep providers for all its merchandise.
The service provider bankers for the problem are — Morgan Stanley India Firm, JP Morgan India, Axis Capital, BofA Securities India, and Citigroup International Markets India.
LG Digital would be the second Korean Chaebol after Hyundai Motors India Ltd to be listed in India.
LG Digital India’s income from operations was Rs 64,087.97 crore for the monetary 12 months ended March 31, 2024.
