**LG Electronics India Raises Rs 3,475 Crore from Anchor Investors Ahead of IPO**

New Delhi: LG Electronics India Ltd, the Indian arm of South Korea’s LG conglomerate, on Monday secured Rs 3,475 crore from anchor investors, just a day before its initial public offering (IPO) opens for public subscription.

The anchor book attracted widespread participation from prominent foreign investors, including the Singapore government, Goldman Sachs, Fidelity Funds, BlackRock Global Funds, Abu Dhabi Investment Authority, and Government Pension Fund Global, as per a circular uploaded on the BSE website.

Domestic institutional investors such as SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Kotak MF, SBI Life Insurance Company, HDFC Life Insurance Company, and ICICI Prudential Life Insurance Company were also allotted shares during the anchor round.

LG Electronics India allotted 30,481,539 equity shares to 149 funds at Rs 1,140 per share, according to the circular.

The much-anticipated Rs 11,607-crore IPO will open for subscription on October 7 and close on October 9. The price band has been set between Rs 1,080 and Rs 1,140 per share, valuing the company around Rs 77,400 crore at the upper end.

This offering marks the second South Korean company to tap into the Indian stock market, following the listing of Hyundai Motors India Ltd in October last year.

The IPO is entirely an offer-for-sale (OFS) of 10.18 crore shares, representing about a 15% stake being sold by the South Korea-based parent company. Since the public issue is completely an OFS, LG Electronics India will not receive any proceeds from the IPO. Instead, the funds raised will go directly to its South Korean parent company.

LG Electronics India is a leading player in major home appliances and consumer electronics. Its products are sold to both B2C and B2B customers across India and abroad. The company also provides installation, repair, and maintenance services for all its products.

The product portfolio includes washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. LG Electronics India has manufacturing units located in Noida (Uttar Pradesh) and Pune.

In terms of issue allocation, 50% of the IPO is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors.

LG Electronics India is expected to make its stock market debut on October 14.

*Disclaimer: This story is sourced from a syndicated feed. No changes have been made except for the headline.*
https://www.freepressjournal.in/business/lg-electronics-india-rakes-in-3475-crore-from-anchor-investors-before-initial-share-sale-opening-for-public-subscription