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LG Electronics adds Axis Capital for $1.5b Mumbai IPO

Reports suggest that IPO could occur as early as next year

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India emerges as a hotspot for equity fundraising, attracting keen interest from global investors eager to capitalise on country’s robust economic growth.

LG Electronics has enlisted Axis Capital Ltd to aid in the arrangement of a potential initial public offering (IPO) for its Indian subsidiary.

The strategic decision underscores the South Korean conglomerate’s commitment to expanding its footprint in one of the world’s most lucrative markets.

Sources familiar with the particulars of the IPO, who preferred to remain anonymous, indicate that LG Electronics is moving forward with plans for a share sale in Mumbai.

The inclusion of Axis Capital Ltd. among a list of prominent banks, including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley, reflects LG’s multifaceted approach to fundraising.

Reports suggest that the IPO could occur as early as next year, with LG aiming to secure between $1 billion and $1.5 billion, potentially valuing LG Electronics India Pvt Ltd. at approximately $13 billion.

Increasing confidence

India has emerged as a hotspot for equity fundraising, attracting keen interest from global investors eager to capitalise on the country’s robust economic growth.

According to Bloomberg’s data, around $49 billion has been garnered through IPOs and secondary offerings in India this year, accounting for roughly one−third of the total amount raised in Asia.

Notably, Hyundai Motor India Ltd.′s recent $3.3 billion share sale set a record for the largest IPO in the country, further exemplifying the thriving landscape of Indian capital markets.

As LG Electronics navigates this complex financial terrain, it joins a growing roster of companies, including Swiggy Ltd., HDB Financial Services Ltd., and Carraro SpA, all of which are pursuing listings in India.

The trend not only highlights the attractiveness of the Indian market for international corporations but also reflects the increasing confidence of investors in the region’s economic potential.

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