The much-anticipated IPO of Electronics giant LG India, which was launched on Tuesday, October 7, was fully subscribed on the first day itself.
The Rs 11,607-crore IPO received bids for 7,44,97,813 against the 7,13,34,320 shares on offer.
The LG Electronics India IPO is one of the biggest IPOs in India’s consumer electronics market. The IPO of LG Electronics India is looking to raise Rs 813.07 crore through a book-built issue.
After receiving a stellar response from investors on the first day, grey market investors are showing keen interest in the IPO with the current GMP suggesting potential double-digit listing gains. The grey market premium for the mainboard issue topped the 'Business and Finance' trending chart on Tuesday and had soared even before the launch of the IPO.
Here’s everything you need to know about LG Electronics India IPO, including its grey market premium (GMP), price band, and offer size, among others, as bidding enters its second day.
LG Electronics India IPO GMP
The grey market premium for the LG Electronics IPO was Rs 298 as of 9:00 a.m. on October 8. With an upper price band of Rs 1140, the estimated listing price is Rs 1,438. This means that the unlisted shares of LG Electronics' IPO were trading at Rs 1,438 per share in the private market, indicating an expected gain of up to 26.14% per share.
The GMP for the public issue has gained rapidly since the price band for the issue was announced last week. The grey market premium for the IPO was as low as Rs 145 before climbing to Rs 250 on October 5. It gained further to Rs 305 on Tuesday.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
LG Electronics India IPO Details
The IPO is a book-built issue comprising entirely an offer-for-sale component of up to 10,18,15,859 or more than 10 crore equity shares at a face value of Rs 10 per share. Through the IPO, the South Korean parent LG Electronics Inc. will offload 10.2 crore shares.
However, there is no fresh issue component in the public offer.
The price band for the IPO has been set between Rs 1080 to Rs 1140 per share.
Bids can be made for a minimum of 13 equity shares, requiring an investment of Rs 14,820 for each lot, based on the upper price band.
Of the 7,13,34,320 shares on offer, 2,03,21,026 are reserved for QIB's, 1,52,40,770 are reserved for NII's and 3,55,61,796 are reserved for Retail investors.
Morgan Stanley India Co., JPMorgan India Pvt., Axis Capital Ltd., BofA Securities India Ltd., and Citigroup Global Markets India Pvt. are the bankers for the IPO. Kfin Technologies Ltd. is the registrar of the issue.
The stake sale by the parent entity will represent 15% of the post-offer stake in the Indian arm, valuing the country's second-largest electronics major at around $12.5 billion. Its parent, LG Electronics Inc., will divest more than 10 crore equity shares via an OFS, marking its strategic stake sale in the Indian arm.
The market capitalization of the LG Electronics IPO is Rs 77380.05 crore.
LG Electronics India IPO Day 2 Subscription Status
The IPO was booked 1.04 times on Tuesday.
Qualified Institutional Buyers: 0.49 times
Non-Institutional Investors: 2.31 times
Retail Investors: 0.81 times
Employee Reserved: 1.89 times
LG Electronics India IPO Dates
LG Electronics India IPO will close on Thursday, October 9. The share allotment status is expected to be finalised by Friday, October 10.
Shares of LG Electronics India are expected to list on NSE and BSE on Tuesday, October 14.
LG Electronics India IPO Business And Financials
LG Electronics India operates in two key segments: home appliances and air solutions, and home entertainment. It has firmly established itself as the market leader in major home appliances and consumer electronics, excluding mobile phones.
The company holds the top position in India across product categories such as washing machines, refrigerators, panel TVs, inverter air conditioners, and microwaves, as per the value market share in the offline channel, stated the draft red herring prospectus. This dual focus on high-demand product categories and offline market strength has positioned LG as a go-to brand for Indian consumers.
Financials
While the company made a profit of Rs 1,511 crore in the fiscal 2024, it paid a much more liberal dividend of Rs 2,093 crore at Rs 185 per share.
In the first quarter of the current fiscal, the company reported a revenue of Rs 6,409 crore and a profit of Rs 680 crore. Operating income stood at Rs 958 crore, and its margin against the top line came up to 14.94%.
As of June 30, the company's cash balance stood at Rs 3,606 crore.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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