LG Electronics India, the home appliances and consumer electronics manufacturer, has raised Rs 3,474.9 crore from 149 anchor investors on October 6, a day before its Rs 11,607-crore IPO opening for public.
The initial public offering (IPO) comprises of entirely offer-for-sale of 10.18 crore equity shares by Korean parent LG Electronics Inc, which means the entire offer proceeds (excluding issue expenses) will be received by promoter.
The IPO will open for public subscription on October 7 and close on October 9. The price band for the offer is Rs 1,080-1,140 per share.
LG Electronics, which is valued at Rs 77,380 crore, has finalised allocation of 3.04 crore equity shares to anchor investors at the upper price band.
Marquee global names like Goldman Sachs, Fidelity, BlackRock, Abu Dhabi Investment Authority, Government of Singapore, Monetary Authority of Singapore, INQ Holdings, T Rowe Price International, Schroder International, Pictet and xx became shareholders of one of home appliances and consumer electronics manufacturers.
Several domestic institutional investors including SBI Mutual Fund, ICICI Prudential MF, HDFC AMC, Nippon Life India, Kotak Mahindra AMC, Axis Mutual Fund, Mirae Asset, Aditya Birla Sun Life AMC, SBI Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Franklin India, WhiteOak Capital, UTI MF, Tata MF, Bandhan MF, Canara Robeco MF, Edelweiss, HSBC MF Invesco, Motilal Oswal AMC, Bajaj Allianz General Insurance, LIC MF, and PGIM India also participated in the anchor book.
"26 domestic mutual funds acquired 1.48 crore equity shares through their 84 schemes in the company, valued at Rs 1,697.85 crore," LG in its filing to exchanges said.
LG Electronics claims the market leader in India across multiple product categories including washing machines, refrigerators, panel televisions, inverter air conditioners, and microwaves in the offline channel in terms of value.
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Axis Capital, Citigroup Global Markets India, Morgan Stanley India Company, JP Morgan India, and BofA Securities India are acting as the book running lead managers for the LG Electronics IPO.
This is the second biggest IPO of the current week, after Tata Capital's 15,512-crore initial share sale.
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