LG India Plans to launch its IPO soon, hires banks for its Indian IPO

LG India: The South Korean-based company LG Electronics Inc. is all set to launch an initial public offering (IPO) of its Indian business. The company plans to raise up to $1.5 billion through its public subscription.

According to the sources, the company has hired several banks including Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley, to handle the issue.

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Sources also said that the IPO launch could take place by next year and the company plans to raise between $1 billion and $1.5 billion which will make LG Electronics India Pvt Ltd value at $13 billion.

The size and timing of the issue might change in the future as the company finalizes the details. Sources also reported that the company could send its prospectus to India’s stock market regulator by next month.

The company may also add more banks to assist them with the launch of an IPO however, LG and the banks have refused to comment on this matter.

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LG Electronics plans to utilize the funds raised through public subscription to increase its electronics sales. The company plans to increase its tech sales to $75 billion by 2030.

William Cho, the CEO of LG during an interview with Bloomberg Television said that the company plans to go public to reach its goal and boost its visibility on the global market.

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