LG Electronics’ India arm readies for IPO, files draft papers with SEBI

The Indian arm of LG Electronics on Friday filed for an initial public offering (IPO), becoming the second South Korean conglomerate to sell its shares in the country after automobile giant Hyundai Motor Co.

The Korean parent will sell 101.8 million shares, accounting for about 15% of the post-offer paid-up equity share capital of LG Electronics India Pvt. Ltd, the company’s draft IPO papers showed. Morgan Stanley, JP Morgan, Axis Capital, BofA Securities and Citi will manage the IPO, which will be a pure offer for sale (OFS).