The bidding has officially started for the LG Electronics IPO on October 7, the second biggest IPO listing this year, after the Tata Capital IPO.
On Day 1 of the bidding, LG Electronics has been fully subscribed, showing a strong public demand. Investors can bid for a minimum lot size of 13 shares for an investment of Rs 14,040. The price range is set at Rs 1080-1140.
As per multiple media reports, the unlisted shares were trading at a 28 per cent grey market premium (GMP) over the IPO price, indicating a strong listing gain for investors.
Qualified Institutional Buyers subscribed to 49 per cent of their share. Meanwhile, Non-Institutional Investor and Retail Individual Investor subscribed 213 per cent and 78 per cent respectively.
After the IPO closing, which is scheduled to be on October 9, the tentative allotment date is scheduled to be on October 10, with the listing date tentatively fixed on October 14.
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According to LG Electronics, the IPO is an offer-for-sale (OFS), and the company will not receive any proceeds from the offer. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which in turn would enhance the company's visibility and brand recognition.
