Mumbai: LG Electronics India made a spectacular debut on the stock exchanges on Tuesday, with its shares listing at ₹1,710—a massive 50 percent premium over the issue price of ₹1,140. The bumper listing valued the South Korean company’s Indian subsidiary at over ₹1.14 lakh crore, making it the largest consumer electronics company by market capitalization in the country.
In a remarkable feat, the Indian arm’s market value of approximately $13 billion has surpassed that of its parent company, LG Electronics, which is valued at around $9 billion. The stock continued its strong run throughout the day, hitting an intraday high of ₹1,749 before closing at ₹1,682.80, a 47.6 percent premium over the IPO price.
The listing followed a hugely successful ₹11,607 crore public issue, which was entirely an offer for sale (OFS). The IPO saw unprecedented demand, getting subscribed over 54 times and attracting the largest-ever bids worth a staggering ₹4.39 lakh crore.
LG’s stellar debut was a standout performance on a day when the broader market saw significant selling pressure, with the Sensex closing down 297 points.
India at the Forefront of LG’s Global Strategy
Speaking after the listing, LG Electronics CEO William Cho highlighted India’s crucial role in the company’s future. “India stands out as a key market. We see immense potential in India with rising income and as we see India’s GDP growth between 6.5 to 7.5 per cent up to 2030,” he said.
Cho announced that the company’s upcoming third plant in Sri City, Andhra Pradesh, will not only manufacture innovative products for the domestic market but will also serve as an export hub for South Asia, Africa, and Europe. The company is investing ₹50 billion in the new factory, which is expected to create 1,900 jobs.
In line with its India-focused approach, LG also unveiled its new ‘LG Essential’ series of appliances, which were developed based on insights gathered from over 1,200 Indian families.
