The Indian unit of LG Electronics is understood to have received the final observations and hence the go-ahead from the Securities and Exchange Board of India for its initial public offer, which is expected to be over ₹15,000 crore, sources said.
The South Korean consumer durables giant filed the draft prospectus for a listing in India in December last year. The entire issue is through an offer for sale with the parent company selling up to 10.18 crore shares, or 15 per cent of the post-offer paid-up capital.
No amount was mentioned in the prospectus and sources with knowledge of the matter said that the parent company LG Electronics Inc was looking to sell shares worth over ₹15,000 crore in the issue.
When contacted an LG India spokesperson declined to comment.
This will be the second Korean company to list in India, after Hyundai Motor India listed last year with a record ₹27,870 crore issue.
LG Electronics sells a range of consumer durables and white goods including televisions, refrigerators, washing machines, air conditioners, audio and video devices as well as home appliances.
In FY24, the Indian unit reported a net profit of ₹1,511 crore on a revenue of ₹21,352 crore, according to the draft prospectus. For the three months to June 2024 the company had a net profit of ₹679.6 crore and revenue of ₹6,466.8 crore.
In its draft filing the company said it was the market leader in India in major home appliances and consumer electronics in volume terms.
