LG Electronics India listing completes price building, targets $1.24 bil. offering

LG Electronics said Wednesday it has completed the price building process for the much-anticipated listing of its Indian unit, which will debut on the local stock market Oct. 14. The price band for the offering has been set between 1,080 and 1,140 rupees per share, which is expected to raise between 1.74 trillion won ($1.24 billion) and 1.84 trillion won for the company’s headquarters. LG Electronics will sell 15 percent of its stake in the unit through an offer for sale (OFS), with subscriptions opening on Tuesday. LG Electronics said in a Korean regulatory filing that the Securities and Exchange Board of India recently granted the final approval of the Indian unit’s listing. LG Electronics expects actual gains through the listing to surpass 1.74 trillion won, given the favorable valuation of the Indian unit in the market. At the upper end of the price band, the unit’s post-listing market cap will hover over 12 trillion won, which is far higher than that of Whirlpool of India (2.4 trillion won), Voltas (7.2 trillion won) and other home appliance companies listed on the local markeWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times