South Korea’s LG Electronics is gearing up to launch the initial public offering (IPO) of its Indian subsidiary in October, banking sources aware of the matter told ET. The consumer electronics major is planning to raise around Rs 15,000 crore through the share sale, making it the largest IPO of 2025 so far.According to one of the bankers involved, LG had been waiting for market conditions to stabilise before rolling out the issue. “The company now sees October as the right window,” the person told ET, requesting anonymity.The South Korean giant, which received Sebi’s clearance for the issue in March after filing in December 2024, will divest about 15% in its Indian arm, or 10.2 crore shares. The planned offering will be the second-largest by a Korean company in India, following Hyundai’s blockbuster IPO in October last year.Morgan Stanley India, JP Morgan India, Axis Capital, BofA Securities India, and Citigroup Global Markets India have been appointed as book-running lead managers. The IPO aims to ride the bullish sentiment in India’s primary market, where nearly 30 issues have raised more than Rs 60,000 crore so far in 2025. The largest of these has been HDB Financial Services’ Rs 12,500-crore listing. Another Rs 70,000 crore worth of offerings are expected in the coming months, with Tata Capital (Rs 17,200 crore), Groww, Meesho, PhonePe, Boat, WeWork India, Lenskart, Shadowfax, and Physics Wallah in the pipeline.LG Electronics had initially planned to launch the IPO between April and May this year, but global headwinds—including trade disputes, shifting US tariffs, and geopolitical tensions—forced a delay. These challenges also weighed on valuations, trimming expectations from about $15 billion to a range of $10.5–11.5 billion.
