South Korea's LG Electronics' India unit on Friday filed draft papers with capital market regulator Sebi for its initial public offering (IPO). LG is planned to offload 10.18 crore shares in the initial share sale. "The offer is of up to 101,815,859 equity shares of face value of Rs 10 each," the company stated in an exchange filing
IPO for the company, which sells washing machines and refrigerators, could be valued at Rs 15,237 crore ($1.80 billion), news agency Reuters reported citing a business website.
Morgan Stanley, JP Morgan, BofA Securities and Citi are among lead book-running managers of the public offer while KFin Technologies is the registrar.
Separately, the domestic market is set to continue its impressive momentum, driven by a strong pipeline of IPOs said Pantomath Capital Advisors. "To date, 75 major IPOs have made their debut on the stock exchanges, and this number is expected to rise, with almost 30 companies already receiving approval from Sebi and preparing for their IPO launch," it stated.
"As India's secondary market soars to new heights with benchmark indices hitting record levels daily, the primary markets are equally electric, teeming with activity. What was once the domain of institutional investors is now seeing a remarkable surge in retail participation," Pantomath Capital also said.
This shift is being fuelled by the allure of higher returns and the growing ease of access to financial markets, making it an exciting time for individual investors to dive in, it further stated.
Meanwhile, Indian equity benchmarks settled slightly lower today, pausing their five-day winning streak after the Reserve Bank of India (RBI) decided to keep repo rate unchanged at 6.5 per cent. The domestic indices were dragged by technology, pharma and select banking stocks.