Ahead of the proposed IPO of its Indian subsidiary, LG Corp’s Chairman & CEO Kwang Mo Koo, along with the top brass, is in the country. Industry sources say he is likely here for a two-day visit.
During his India visit, he is expected to review the Indian subsidiary’s performance and take stock of the preparations for the upcoming public listing at the bourses.
This comes close on the heels of LG Electronics India conducting investor meets and roadshows for the upcoming initial public offering. It filed the draft red herring prospectus (DRHP) with market regulator SEBI in December. The South Korean consumer durables major has proposed to sell over 10.18 crore shares, amounting to a 15 per cent stake in the Indian subsidiary, as part of the public listing.
The global chief of LG is also likely to discuss future investment proposals for the Indian market, one of the leading markets for the consumer durables major.
In its draft prospectus, the consumer appliance and electronics major said that the public listing will enhance its visibility and brand image, provide liquidity, and create a public market for the equity shares in the country.
The proposed IPO is entirely an offer for sale (OFS) of 10.18 crore equity shares by promoter LG Electronics Inc, with no fresh issue component, according to the DRHP.
