Suspense Crime Sach Ka Dam
The entry of new players in the IPO market continues. Now as a new player, the Indian unit of the South Korean company, LG Electronics India Limited, has started preparations to bring its IPO. The company on Friday filed preliminary documents with the capital market regulator SEBI to bring an initial public offering (IPO). According to PTI news, according to the Draft Red Herring Prospectus (DRHP), the proposed IPO is entirely an offer for sale (OFS) of 10.18 crore equity shares by promoter LG Electronics Inc., with no new issue component.
The company will sell this many equity shares.
According to the report, the draft red herring prospectus states that LG Electronics Inc. will sell 10,18,15,859 equity shares with a face value of Rs 10. After the offer, its shareholding in the company will decline by 15 percent to 57.69 crore shares.
It is also worth mentioning here that since the public issue is completely OFS, LG Electronics India will not receive any income from the IPO. LG Electronics India said that it expects that the listing of equity shares will further enhance its visibility and brand image. Also, liquidity and the public market will be available for the shares.
Who are the merchant bankers of this issue
LG Electronics India is a leading player in home appliances and consumer electronics. The company’s products are sold to both B2C and B2B customers in India and internationally. It also provides setup, repair an d maintenance services for all its products.
Morgan Stanley India Company, JPMorgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India are the merchant bankers for tonthe issue. LG Electronics will be the second Korean company to be listed in India after Hyundai Motors India Ltd. LG Electronics India’s revenue from operations was Rs 64,087.97 crore for the financial year ended March 31, 2024.
