LG Electronics India IPO bids cross ₹4 lakh crore, becomes most subscribed ‘large’ Indian issue

LG Electronics India has now become the most subscribed “large” Indian IPO, or an IPO whose size is in excess of ₹10,000 crore, outbidding SBI Cards, who held the record for the last five years, along with HDB Financial, who had just recently become the second-most bid IPO of such size.Overall subscription currently stands at 54x, led by institutional investors, whose portion has been subscribed 166 times the total number of shares on offer. Institutional investors have now placed bids worth over ₹3.5 lakh crore for the IPO.

At 54 times, LG Electronics has outbid SBI Cards, whose ₹10,354 crore IPO was subscribed 26 times over a three-day period.

Issue	Size (₹ Cr)	Subscription (x)
LG Electronics India*	11,706	54
SBI Cards & Payment Services	10,354	26.54
HDB Financial	12,500	16.69
Coal India	15,200	15.28
Swiggy	11,327	3.59
LIC	21,008	2.95

As of 4:30 PM on the final day of bidding, investors have placed bids worth over ₹4.4 lakh crore for LG Electronics India, closing in on the bids that Bajaj Housing Finance had received last year, worth over ₹3.2 lakh crore.Most of the other large IPOs above ₹10,000 crore, including Hyundai Motor India, LIC, Paytm, among others, have seen overall subscription figures between 1.5x to 3x the shares on offer.

The Non-institutional portion is subscribed 22 times, while the retail investor portion has also seen a subscription of over 3.5 times the total number of shares reserved for them.

LG Electronics India shares will list on the stock exchanges next week on October 14. The entire issue is an offer for sale, with the parent company LG Electronics Inc selling its stake. Its India unit will not be receiving any proceeds from the issue.