LG Electronics pauses India IPO plans amid market volatility
Mumbai: South Korea's LG Electronics has put the brakes on the planned initial public offering (IPO) of its Indian subsidiary, citing ongoing turbulence in equity markets, Bloomberg reported on Wednesday, quoting sources familiar with the development.
The report said the company has notified its advisors that the listing may be delayed, though the IPO could be revived once market conditions turn favourable.
A final decision is yet to be made.
“The IPO process is still underway but the company cannot comment on the timing,” an LG Electronics official based in Seoul was quoted as saying.
In March, Bloomberg had reported that LG India’s estimated valuation had dropped from $11.5 billion to $10.5 billion following a dip in the local markets.
The company had earlier planned to launch its IPO on Dalal Street in May this year.
Ahead of the offering, LG Electronics conducted roadshows to attract investor interest.
It received clearance from the Securities and Exchange Board of India (SEBI) in March, having filed its draft papers with the regulator in December 2024.
The company is looking to raise around $15 billion through the IPO, which includes an offer for sale (OFS) by its parent company.
As part of the plan, LG Electronics intends to divest a 15 percent stake in its Indian business.
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