LG Electronics India has reportedly received approval from the Securities and Exchange Board of India for its initial public offering (IPO), which is expected to raise over ₹15,000 crore. The South Korean consumer durables giant filed the draft prospectus for listing in India in December last year, with the entire issue being through an offer for sale. The parent company plans to sell up to 10.18 crore shares, equivalent to 15% of the post-offer paid-up capital.
Although the prospectus did not mention a specific amount, sources familiar with the matter indicated that LG Electronics Inc, the parent company, is looking to sell shares worth over ₹15,000 crore in the IPO. LG India has declined to comment on these reports.
If successful, this will be the second Korean company to list in India, following Hyundai Motor India’s record ₹27,870 crore IPO last year. LG Electronics is known for selling a wide range of consumer durables and white goods, including televisions, refrigerators, washing machines, air conditioners, audio and video devices, and home appliances.
According to the draft prospectus, LG India reported a net profit of ₹1,511 crore on a revenue of ₹21,352 crore in FY24. For the three months ending June 2024, the company posted a net profit of ₹679.6 crore and revenue of ₹6,466.8 crore. The company stated in its filing that it is the market leader in India in major home appliances and consumer electronics in volume terms.