Cyril Amarchand Mangaldas advised the underwriters on the initial public offering (“IPO”) undertaken by LG Electronics India Limited (“Company”), a part of the South Korea based LG Electronics Group. The underwriters were Axis Capital Limited, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited, J.P. Morgan India Private Limited, and BofA Securities India Limited.
The IPO comprised an offer for sale by LG Electronics Inc., the South Korea-based parent entity of the Company, aggregating up to approximately Rs. 116,047.32 million (the “Offer”). The Offer received overall subscription of over 54 times the offer size, with strong interest from institutional investors, receiving bids worth over Rs. 4.4 lakh crore, making the Offer the most subscribed ‘large’ Indian IPO.
The Company is a leading electronics manufacturing company with products such as washing machines, refrigerators, panel televisions, inverter air conditioners, and microwaves.
The transaction team advising the underwriters was led by Gokul Rajan, Partner (Regional Co-Head – Capital Markets — North;) and Puneet Passi, Partner; with support from Aniran Ghoshal, Principal Associate; Priyanka Khetwal, Senior Associate; Ayushi Tiwari, Senior Associate; Abishek Sankar, Associate; Arnab Roy, Associate; Shvabh Chakarwarti, Associate; and Avni Srivastava, Associate.