LG Electronics India IPO GMP rises as subscription crosses 54x on final day of bidding

LG Electronics IPO GMP rises.

LG Electronics India IPO GMP rose on the final day of bidding as the subscription of the Rs 11,607-crore share sale surpassed 54 times.

The three-day IPO received bids for over 385-crore shares against 7.13-crore shares on offer, translating into 54 times subscription, according to NSE data.

The portion meant for non-institutional investors garnered 22.44 times subscription, while the category for retail individual investors (RIIs) subscribed 3.54 times. The quota for qualified institutional buyers (QIBs) received 166.51 times subscription.

Earlier, it collected Rs 3,475 crore from anchor investors.

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LG Electronics IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of LG Electronics India are commanding a GMP of about 26-27 percent. Investortgain quoted a GMP of Rs 310 for the shares of the company, indicating a listing gain of 27.19 percent. IPO Watch quoted a GMP of 26.31 percent.

The IPO will conclude on October 9. 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.

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 (UP) and Pune.

LG Electronics India IPO allotment is expected by October 10, while share listing is scheduled to take place on October 14.

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