The LG Electronics India IPO became the most bid issue of India on record. The IPO received bids for over ₹4.4 lakh crore, in comparison to the issue size of ₹11,607 crore.
Lets take a look at what analysts had to say:
Motilal Oswal
Motilal Oswal initiated coverage on LG Electronics India with a “buy” rating and a price target of ₹1,800 per share, which implies a potential upside of 58% from its issue price.The brokerage said that LG Electronics India is well positioned to capitalise on the growth tailwinds in India’s consumer electronics and durables market.
Motilal Oswal’s bull case price target is in excess of ₹2,000 per share, and implied a potential upside of 83% from its issue price.
Equirus
The brokerage also initiated coverage with a “Long” rating and a price target of ₹1,705, which is exactly the price at which it began trading on the bourses.
It expects LG Electronics’ revenue, EBITDA and Profit After Tax, to grow at a compounded annual growth rate (CAGR) of 11%, 13% and 9% respectively.
At 35 times financial year 2025 earnings, Equirus had said that the price would have been an attractive entry point.
Mother
Among the six analysts that have initiated coverage, Emkay has the highest base case upside potential for LG Electronics India.
Emkay initiated coverage with a “buy” rating and a price target of ₹2,050, which implies a potential upside of 80% from the issue price.
This is also the highest price target for LG Electronics India, among the six analysts.
ICICI Securities
The brokerage also initiated coverage with a “buy” rating and a price target of ₹1,700 per share.
ICICI Securities said that it has developed strong competitive advantages such as LG brand, with premium positioning, established distribution network, and multiple manufacturing units in India, with strong backward integration capabilities.
“We also believe recent reduction in GST rates, income tax and interest rates augurs well for growth of most categories in FY27-28E and model LG to be a beneficiary,” the brokerage said.
Rapid technological changes, steep increase in the competition, delay and failure in launch of new products, steep inflation in commodity prices are some of the key risks.
PL Capital
The brokerage’s “buy” rating comes with a price target of ₹1,780, which implies further upside from the listing price.
Market leadership across products, strong manufacturing capabilities, diverse product portfolio, and strong brand loyalty, positions LG well to capitalize on growth opportunities in India’s home appliances and consumer electronics.
The company’s revenue / EBITDA and PAT can grow at a 9.9%, 10.9% and 9.3% CAGR over financial year 2025-2028, PL Capital said.
Antique
Last one on the list to have initiated coverage on LG is Antique Stock Broking, whose “buy” rating comes with a price target of ₹1,725.
It expects LG Electronics India’s revenue / EBITDA and PAT to grow at a 11%, 12% and 12% CAGR over financial year 2025-2028.
Antique believes that LG is a compelling investment case backed by strong financials and tailwinds in consumer discretionary spending, aided by supportive government policies.
Shares of LG Electronics India are currently trading 49% higher in comparison to its issue price, at and around the listing price of ₹1,705.
