After Tata Capital, it was the turn of South Korean firm, LG Electronics’ Indian arm, LG Electronics India Ltd, to launch its IPO at the Mumbai stock exchange, where it garnered record rise in share price, ending with a premium of over 48 per cent on Tuesday.
The stock started trading at ₹1,715, surging 50.43 per cent from the issue price of ₹1,140 on the BSE. During the day, it zoomed 52.31 per cent to ₹1,736.40. At the end of the trading day, shares of the firm ended at ₹1,689.40, up 48.19 per cent.
On the NSE, the stock made its market debut at ₹1,710.10, registering a premium of 50 per cent. Shares of the firm later ended 48.23 per cent higher at ₹1,689.90.
The company’s market valuation stood at ₹1,14,671.81 crore, while in volume terms, 78.56 lakh shares of the firm were traded on the BSE and 687.94 lakh shares exchanged hands on the NSE during the day.
Also Read: Tata Capital, LG Electronics, Rubicon Research, to launch IPOs
The initial public offering of LG Electronics India Ltd received 54.02 times subscription on the final day of bidding on Thursday, driven by overwhelming participation from institutional buyers.
The ₹11,607-crore IPO had a price band of ₹1,080 to ₹1,140 per share.
This is the second South Korean company to tap the Indian stock market, following the listing of Hyundai Motors India Ltd in October last year.
The IPO was entirely an Offer-For-Sale (OFS) of 10.18 crore shares, representing about 15 per cent stake, by the South Korea-based parent.
LG Electronics India is a leading player in major home appliances and consumer electronics, manufacturing and selling products including washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves to both B2C and B2B customers in India and abroad. It also provides installation, repair, and maintenance services for all its products.
In India, it has manufacturing units at Noida, Uttar Pradesh and Pune, Maharashtra.
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