LG Electronics picks banks for $1.5 billion listing of Indian unit

South Korea’s LG Electronics Inc. has picked banks for a potential initial public offering of its Indian business that could raise as much as $1.5 billion, according to people familiar with the matter.

LG has tapped banks including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley as arrangers for an IPO that may take place as early as next year, the people said. LG may seek to raise $1 billion to $1.5 billion from the share sale, which could give LG Electronics India Pvt Ltd. a valuation of about $13 billion, the people said.