LG Electronics India Ltd, a subsidiary of the South Korean chaebol LG, has received markets regulator Sebi’s approval for its ₹15,000 crore initial public offering (IPO), people familiar with the matter said on Thursday.

This will be the second South Korean company to tap the Indian stock market following the listing of Hyundai Motors India Ltd in October last year.

In December, LG Electronics India filed preliminary papers with Sebi for an IPO wherein the parent company will sell over 10.18 crore shares, amounting to a 15 per cent stake.

Now, the company has received approval from the Securities and Exchange Board of India (Sebi) to float its public issue, people familiar with the matter said.

The company did not disclose the total issue size, but they said the pegged IPO size is ₹15,000 crore.

Since the public issue is completely an offer for sale(OFS), LG Electronics India will not receive any IPO proceeds. The funds raised will go to the South Korean parent.

Last month, LG Electronics started roadshows for the upcoming IPO of its Indian unit.

LG Electronics India is a leading player in major home appliances and consumer electronics. The company products are sold to both B2C and B2B customers in India and abroad. It also provides installation, repair, and maintenance services for all its products.

The company manufactures and sells products, including washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. It has manufacturing units in Noida, Uttar Pradesh and Pune, Maharashtra.

On the financial front, LG Electronics India’s revenue from operations was ₹64,087.97 crore for the financial year ended March 31, 2024.

Morgan Stanley India, J P Morgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India are the book-running lead managers for the issue.