New Delhi, Sep 30
LG Electronics India is set to hit the primary market as its initial public offering (IPO) will open for subscription on October 7.
The anchor book will open for a day on October 6, followed by the public subscription window between October 7 and 9.
The South Korea-based promoter, LG Electronics Inc., will divest up to 10.18 crore equity shares through an offer-for-sale (OFS) route. The IPO will not include any fresh issue of shares.
According to LG Electronics, the sale of a 15 per cent stake in the subsidiary as part of the IPO process had been approved by the board.
The listing of the Indian unit, according to analysts like Moody's Investors Service, would improve LG Electronics' financial standing.
The LG Electronics India issue will be the second major public offering next week, coming right after Tata Capital’s Rs 15,512-crore IPO, which opens on October 6.