“India is now at the centre of our Global South strategy. We look forward to advancing the growth of both LG and LGEIL.” William Cho, CEO, LG Electronics
LG Electronics (LG) has announced the listing of its subsidiary, LG Electronics India Limited (LGEIL), on the National Stock Exchange of India (NSE). The milestone marks an important step in the LGEIL’s ambition to become a national corporation of India while reinforcing its role as a long-term partner in the country’s economic growth.
On 14 October, LG held a listing and future vision announcement ceremony at NSE in Mumbai, attended by LG Electronics CEO William Cho, CFO Chang-tae Kim, Managing Director of LGEIL Hong-ju Jeon, Board Chairman Dae-hyun Song, as well as NSE CEO Ashish Chauhan, investors and analysts. At the market’s opening bell, LG CEO Cho and NSE CEO Chauhan jointly rang the ceremonial gong to celebrate the start of trading for LGEIL.
In the IPO, LG offered 15 percent of LGEIL’s issued shares (101,815,859 shares) through an offer for sale. The IPO price was set at the top of the indicative range at ₹1,140 per share, with subscriptions reaching 54 times the total offering. The listing generated approximately US$ 1.31 billion (₹116.05 billion).
With the listing, LGEIL becomes more deeply rooted in India. LG anticipates that this development will support its growth in a market where rising incomes and expanding middle-class households are creating strong momentum in appliance adoption. According to Boston Consulting Group, the proportion of Indian households in the middle-income bracket (annual income US$ 6,000–36,000) is forecast to rise from 29 percent in 2020 to 46 percent by 2030.
“India is now at the centre of our Global South strategy,” said William Cho, CEO of LG Electronics. “We look forward to advancing the growth of both LG and LGEIL.”
Alongside its market debut, LG presented a long-term vision to build on its leadership in India and strengthen its position. With India’s population and its status as one of the world’s largest potential markets, LG plans to expand strategies tailored to local customers and market needs. Through this, LG aims to maintain its current position as number one player in major home appliances and consumer electronics in India as per the market share in the offline channel.
