LG\u00a0Electronics\u00a0India is seeking a valuation of up to 774 billion rupees ($8.71 billion) in its long-delayed initial public offering, tapping into a bustling IPO market with one of\u00a0India’s largest offerings so far this year.<\/p>\n
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LG\u00a0Electronics\u00a0India<\/a> is seeking a valuation of up to 774 billion rupees ($8.71 billion) in its long-delayed initial public offering, tapping into a bustling IPO market with one of\u00a0India’s largest offerings so far this year.<\/p>\n The appliance maker set a price band of 1,080-1,140 rupees per share, a public filing showed on Wednesday. The three-day share sale opens for bidding on October 7. Large anchor investors will be able to place bids on October 6.<\/p>\n The IPO will raise up to 116 billion rupees ($1.3 billion) at the top of the price range for its Korean parent\u00a0LG\u00a0Electronics\u00a0Inc, which is offloading a 15% stake in the company.<\/p>\n LG\u00a0Electronics\u00a0India\u00a0is not issuing new shares in the offering.<\/p>\n Having initially filed for an IPO last December,\u00a0LG\u00a0Electronics\u00a0had sought a listing by May, but\u00a0delayed the share sale, citing market volatility.<\/p>\n October is a busy month for IPOs in\u00a0India, with non-bank lender Tata Capital’s $1.75 billion issue \u2014 the country’s largest this year \u2014 and shared office space provider WeWork’s offering scheduled to run around the same time.<\/p>\n The IPO also comes after the\u00a0Indian tax body lowered consumption taxes on a wide range of goods including\u00a0electronics\u00a0to 18% from 28%, in a bid to spur demand for the lucrative festive season.<\/p>\n LG\u00a0Electronics,\u00a0India’s second-largest appliance maker, sells products such as refrigerators, washing machines and televisions.<\/p>\n It competes with Whirlpool<\/a>\u00a0and Samsung<\/a>\u00a0in the domestic market, which is expected to grow 12% annually till 2029, according to consultancy firm RedSeer.<\/p>\n The offering will be the latest in a long line of companies tapping\u00a0India’s capital markets this year. Companies in\u00a0India\u00a0raised about 909.8 billion rupees through IPOs as of September 30, up from 770.6 billion rupees in the same period last year, according to data compiled by LSEG.<\/p>\n