LG Electronics IPO Subscribed 3.32 Times on Day 2

New Delhi, Oct 8 (PTI) The initial public offer of LG Electronics India Ltd received 3.32 times subscription on the second day of bidding on Wednesday.

The IPO got bids for 23,70,85,836 shares against 7,13,34,320 shares on offer, according to NSE data.

The quota for non-institutional investors received 7.60 times subscription. The category for Qualified Institutional Buyers (QIBs) got subscribed 2.59 times, while the portion meant for Retail Individual Investors (RIIs) attracted 1.90 times subscription.

LG Electronics India Ltd on Monday collected Rs 3,475 crore from anchor investors.

The Rs 11,607-crore initial public offering (IPO) will conclude on Thursday. The price band has been fixed at Rs 1,080 to Rs 1,140 per share, valuing the company around Rs 77,400 crore at the upper end.

This is the second South Korean company to tap the Indian stock market, following the listing of Hyundai Motors India Ltd in October last year.

The IPO is entirely an offer-for-sale (OFS) of 10.18 crore shares, representing about 15 per cent stake, by the South Korea-based parent.

Since the public issue is completely an OFS, LG Electronics India will not receive any IPO proceeds. The funds raised will go to the South Korean parent.

LG Electronics India is a leading player in major home appliances and consumer electronics. The company's products are sold to both B2C and B2B customers in India and abroad. It also provides installation, repair, and maintenance services for all its products.

The company manufactures and sells products, including washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. It has manufacturing units at Noida, Uttar Pradesh and Pune.

LG Electronics India is expected to make its stock market debut on October 14.