LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
According to a Moneycontrol report, the IPO size could be over Rs 15,000 crore. The IPO will consist of an Offer for Sale (OFS) of 10.18 crore equity shares of face value of Rs 10 each, and the company will not receive any proceeds from the IPO.
"We aim to be a national brand in India, and as a company, we have grown and are loved by Indian people, providing the products and solutions that will eventually make their lives better. I understand there is increased interest in the Indian market amongst global investors. It (India IPO) is one of the multiple options we can consider; it is not yet confirmed," said LG Electronics CEO William Cho.
For the quarter ended June 2024, LG Electronics India reported total revenue from operations of Rs 6,408.8 crore, with its home appliance and air solutions division contributing nearly 79% of the revenue. For FY24, the company recorded a total revenue of Rs 21,352 crore.
Since 2022, LG India has been investing in upgrading its production facilities and manufacturing processes to improve efficiency.
"We expect to continue making investments to support our growth. We intend to construct a third manufacturing unit in Andhra Pradesh to expand our manufacturing capacity to address the potential growth in demand for products," the DRHP stated.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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