NEW DELHI: LG Electronics India, a subsidiary of the South Korean chaebol LG, has received markets regulator Sebi’s approval for its Rs 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 in Oct last year.
In Dec, LG Electronics India filed preliminary papers with Sebi for an IPO wherein the parent company will sell over 10.2 crore shares, amounting to a 15% stake. It did not disclose the total issue size, but they said the pegged IPO size is Rs 15,000 crore.
Since the public issue is completely an offer for sale, LG Electronics India will not receive any IPO proceeds. The funds raised will go to the South Korean parent.