South Korean consumer electronics major LG Electronics India made a blockbuster debut on the National Stock Exchange (NSE) on Tuesday, but it was managing director Hong Ju Jeon’s decision to deliver his entire speech in Hindi that stole the spotlight.
Jeon, who was appointed MD of LG Electronics India in January 2023, surprised investors and viewers by choosing Hindi over English or Korean at the listing ceremony -- a gesture that won hearts and made him a viral sensation.
The move sparked a wave of appreciation on social media. "Amazing. Kudos to the effort he put in. Most will stop at saying Namaste," commented X user Dr Sumeet Shah (@DrSumeetShah). "Wow, hope some of our homegrown corporate leaders also did the same," added Viivek R (@VRZee).
IPO sees strong investor response
LG Electronics India surged 50.4 percent in its trading debut on October 14 and valued the company at $13.07 billion (Rs 1.15 lakh crore), eclipsing its South Korean parent's market capitalisation of nearly $10 billion (Rs 8,800 crore), as investors piled into the country's most bid-for IPO since 2008.
Shares of the Indian arm of LG Electronics rose to Rs 1,714.90 after it listed at Rs 1,710.1 on the National Stock Exchange of India. Its issue price was at Rs 1,140.
LG Electronics India, a wholly-owned subsidiary of LG Electronics, South Korea, was established in January 1997. It operates across consumer electronics, home appliances, HVAC, and IT hardware, with manufacturing units in Greater Noida and Ranjangaon, Pune.
Jeon’s India strategy
Before taking charge of LG’s India business, Jeon served as subsidiary president for the Gulf region and held senior roles in Iraq, Jordan, Lebanon, and Syria. At the time of his appointment, he said: “India is a growing economy and is an interesting market with vast demographics therefore, we aim to further strengthen our consumer base by introducing product portfolio that is developed basis the insights of the consumers.”
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