Another South Korean entity is gearing up for an initial public offering (IPO) after Hyundai Motor India Ltd (HMIL).
LG Electronics Inc has added Axis Capital to a roster of banks arranging a potential initial public offering of its Indian unit.
The South Korean company has selected the Indian bank as it moves forward with a share sale in the country.
It had appointed banks such as 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, Bloomberg News had said.
LG is looking to mobilise $1-1.5 billion from the float, which reports claim could give LG Electronics India Pvt Ltda valuation of about $13 billion.
India has turned into a hotspot for fundraising via equity capital markets as global investors seek to tap into the country’s economic growth.
About $49 billion has been raised in the country through IPOs and secondary offerings, about a third of the total in Asia this year, data compiled by Bloomberg showed.
Hyundai Motor India Ltd’s $3.3 billion share sale in October was the country’s largest on record. Other companies undertaking Indian listings include Swiggy Ltd, HDB Financial Services Ltd and Carraro SpA.
