New Delhi, The initial public offer of LG Electronics India Ltd, the Indian arm of South Korea's conglomerate LG, got subscribed 24 per cent so far on the first day of bidding on Tuesday.
The three-day IPO received bids for 1,74,53,722 shares against 7,13,34,320 shares on offer, according to NSE data till 11:21 hours.
The portion meant for non-institutional investors garnered 49 per cent subscription while the category for Retail Individual Investors (RIIs) got subscribed 28 per cent.
LG Electronics India Ltd on Monday collected Rs 3,475 crore from anchor investors.
The Rs 11,607-crore initial public offering (IPO) will conclude on October 9. The price band has been fixed at Rs 1,080 to Rs 1,140 per share, valuing the company around Rs 77,400 crore at the upper end.
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 is entirely an offer-for-sale of 10.18 crore shares, representing about 15 per cent stake, by the South Korea-based parent.
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.
LG Electronics India is a leading player in major home appliances and consumer electronics. The company's 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 at Noida (UP) and Pune.
In terms of issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
LG Electronics India is expected to make its stock market debut on October 14.