LG Corp’s Chairman & CEO Kwang Mo Koo, along with the top management, is currently in India ahead of the planned IPO of its Indian subsidiary. Sources indicate that his visit is likely to span two days.
During his visit, he is expected to assess the performance of the Indian subsidiary and review the preparations for the upcoming public listing on the stock exchanges. This visit closely follows LG Electronics India’s investor meetings and roadshows for the impending initial public offering. The company filed the draft red herring prospectus (DRHP) with SEBI in December. As part of the public listing, the South Korean consumer durables giant intends to sell over 10.18 crore shares, which represents a 15 per cent stake in the Indian subsidiary.
The global CEO of LG is also anticipated to delve into future investment proposals for the Indian market, a key market for the consumer durables company. In its draft prospectus, LG stated that the public listing will boost its visibility and brand image, offer liquidity, and establish a public market for its equity shares in India.
The proposed IPO comprises an offer for sale (OFS) of 10.18 crore equity shares by promoter LG Electronics Inc, with no fresh issue component, as outlined in the DRHP.
