LG Electronics is reportedly targeting a valuation of up to 774 billion rupees ($8.71 billion) for its India unit as it prepares to launch an initial public offering (IPO) next week, Bloomberg News reported on Tuesday, citing people familiar with the matter.
According to the report, the South Korean electronics giant plans to sell up to 101.8 million shares, representing a 15% stake in the India unit. The price band has been set between 1,080 rupees and 1,140 rupees per share.
The IPO will mark one of the largest listings by a consumer electronics company in India, reflecting the country’s growing role as a key market for global consumer brands.
Reuters noted it could not immediately verify the Bloomberg report. At the current exchange rate, $1 equals 88.8310 Indian rupees