Kolkata: Korean giant LG Electronics closed October 8, the second day of the bidding process, on a buoyant note, attracting applications 333% of the original target amount. By the end of the second day of application, the LG Electronics IPO was subscribed 3.33 times overall — 1.91 times in the retail category, 2.59 times in QIB (Ex Anchor) category and 7.60 times in the NII category.
That the issue will be appealing too the investors was quite evident at the response of the anchor investors, 68 of whom picked up shares. The company could raise Rs 3,475 crore from anchor investors among which were SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Kotak MF, SBI Life Insurance Company, HDFC Life Insurance Company and ICICI Prudential Life Insurance Company apart from the Singapore government, Goldman Sachs, Fidelity Funds, BlackRock Global Funds, Abu Dhabi Investment Authority and Government Pension Fund Global.
LG Electronics IPO GMP
According to investorgain, LG Electronics IPO GMP stood at Rs 300 in the morning of October 9, the closing day of the bidding process. Considering a price of Rs 1,140, the listing gain at this level of GMP is 26.32%. The GMP is actually a drop from Rs 330, where it was recorded on October 7 morning. At that level it indicated a listing gain of 28.95%. The GMP rose constantly over the past few days leading up to the bidding process — Rs 145 on October 1, Rs 146 on October 2, Rs 175 on October 3, Rs 228 on October 4, Rs 250 on October 5 and Rs 318 on October 6. However, one has to keep in mind that GMP is an unofficial indicator which changes with time and does not guarantee either loss or gain on listing.
LG Electronics IPO price band, lot size, dates
The IPO consists of only OFS shares and no fresh issue with the parent company diluting its holding. The LG Electronics IPO price band is Rs 1080-1140. Retail investors have to apply for a minimum lot of 134 shares for which he/she has to pay an application amount of Rs 14,820. The smallest lot size for sNII category is 14 lots and that for the bNII category is 68 lots.
The allotment date for LG Electronics IPO is October 10. On October 13, refund of application money of unsuccessful bidders will be initiated. On the same day shares will be credited to the demat account of successful applicants. The date of listing of LG Electronics shares will take place on October 14. KFin Technologies is the registrar of the IPO. Citigroup, Axis Capital, BofA Securities, Morgan Stanley and JP Morgan are the lead managers of the issue.
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