LG Electronics IPO: GMP surges to ₹400 amid record subscription
What's the story
The shares of LG Electronics India are witnessing a surge in the Grey Market Premium (GMP). According to reports, the company's shares are trading at a GMP of ₹395-₹400 against its issue price. This is a significant jump from last week's premium range of ₹250-₹300. The Indian subsidiary of South Korean tech giant LG will be listed on the bourses on October 14.
Record-breaking
LG Electronics India IPO creates subscription history
LG Electronics India has made history by becoming the first IPO in India to cross ₹4 lakh crore in total subscription value. The company's ₹11,607 crore issue was fully subscribed on day 1 itself, with total bids for 385 crore shares against the 7.13 crore shares on offer. This translates into an overall subscription of 54.02 times, beating SBI Cards's record of a 26x subscription over three days for its ₹10,354-crore IPO last year.
Listing details
Listing on bourses on October 14
The shares of LG Electronics India will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange on October 14. The entire issue was an offer for sale with a price band of ₹1,080-₹1,140 per share. It should be noted that the parent company LG Electronics India sold its stake in this issue. Hence, the Indian unit won't receive any proceeds from this IPO.