LG Electronics to Sell 15% Stake in Indian Subsidiary via $1.38B IPO in October
LG Electronics Inc. is set to sell a 15% stake in its Indian subsidiary, LG Electronics India, through an Initial Public Offering (IPO) in the stock market today. The IPO, initially planned for May, was delayed due to market volatility. The company aims to raise approximately $1.38 billion.
The IPO will open for anchor investors on October 6, with retail investors able to bid from October 7. The price band is set at 1,080-1,140 rupees per share, which could raise up to 116 billion rupees ($1.3 billion) at the top of the range. LG Electronics India is not issuing new shares in the offering.
The Indian government has recently reduced consumption taxes on electronics to stimulate demand during the festive season. This move is expected to boost the domestic appliance market, where LG Electronics India competes with Whirlpool and Walmart. The market is projected to grow annually until 2029. LG Electronics India plans to use the IPO proceeds to expand its operations and strengthen its position in the competitive market.
LG Electronics Inc. is offloading a significant stake in its Indian subsidiary through an IPO in the stock market. The Indian government's tax reduction is expected to benefit the company and the domestic appliance market. The IPO, with a valuation of up to $8.71 billion, is one of several large offerings scheduled in India this month.
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