Retail investors have now placed bids for close to 5.71 crore shares, in comparison to the 3.55 crore shares on offer.
Non-institutional investors (NIIs) are leading the subscription figures in this IPO. The portion reserved for them has been subscribed 5.71 times, with bids being placed for 8.69 crore shares, in comparison to the 1.52 crore shares reserved for them.The portion reserved for Qualified institutional buyers (QIBs) is subscribed 155% so far, with bidding for 3.14 crore shares of the 2.03 crore shares on offer.
In the unlisted markets, LG Electronics India shares were trading 26.14% higher with a grey market premium of ₹298 per share, on the second day of its subscription, according to reports. It must be noted that these are only speculative reports and the original listing price may vary from these rates.The ₹11,607 crore initial public offering will close for subscription on October 9 and shares will list on the exchanges on October 14.
The entire issue is an offer for sale (OFS), with the parent company LG Electronics Inc selling its stake. The India unit will not receive any proceeds from the issue.
A total of 10.18 crore equity shares are on offer at a price band of ₹1,080 to ₹1,140 per share, which implies a market capitalisation of around $8.7 billion, or roughly ₹77,000 crore at the upper end.
The company raised ₹3,474 crore from multiple anchor investors ahead of its IPO. Its board had approved the issue of 3.04 crore equity shares to eligible anchor investors at the upper end of the IPO price band of ₹1,140 per share.
LG Electronics is the third-largest IPO of India this year, following the currently open ₹15,500 crore issue of Tata Capital, and the ₹12,500 crore HDB Financial IPO earlier this year.
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