Reuters, Oct 14 – LG Electronics India (LGEL.NS), opens new tab surged 50.4% in its trading debut on Tuesday and valued the company at $13.07 billion, eclipsing its South Korean parent’s market capitalisation, as investors piled into the country’s most bid-for IPO since 2008.
Shares of the Indian arm of LG Electronics (066570.KS), opens new tab rose to 1,714.90 rupees after it listed at 1,710.10 rupees on the National Stock Exchange of India.
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Its issue price was at 1,140 rupees.
The company’s $1.3 billion IPO was snapped up within hours of opening last week, drawing bids worth a staggering $50 billion, underscoring investor confidence in India’s consumer demand and manufacturing growth prospects.
The investor euphoria made it the most subscribed billion-dollar offering in nearly two decades, eclipsing interest seen in high-profile listings such as Life Insurance Corp of India’s (LIFI.NS), opens new tab $2.7 billion issue in 2022, and Paytm’s $2.5 billion debut and Zomato’s (ETEA.NS), opens new tab $1.3 billion flotation in 2021.
The company’s valuation was higher than its target of $8.73 billion and sets it ahead of its India-listed peers, with Whirlpool (WHR.N), opens new tab, (WHIR.NS), opens new tab valued at about $1.67 billion, Voltas (VOLT.NS), opens new tab at $5.16 billion, and Havells (HVEL.NS), opens new tab at $10.42 billion.
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