Kolkata: Korean giant LG Electronics has started the fireworks ahead of Diwali on D Street. On October 7, the Rs 11,607.01-crore issue was fully lapped up by investors. Till the evening of Tuesday, the issues was subscribed 1.05 times overall — 0.82 times in the retail category, 0.49 times in QIB (Ex Anchor) category and 2.31 times in the NII category.
Before the IPO threw open its bidding process, anchor investors rushed for investment. LG Electronics India managed to raise Rs 3,475 crore from anchor investors which included the Singapore government, Goldman Sachs, Fidelity Funds, BlackRock Global Funds, Abu Dhabi Investment Authority and Government Pension Fund Global, 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. The shares were sold for Rs 1,140 each.
LG Electronics IPO GMP
According to investorgain, LG Electronics IPO GMP stood at Rs 298 on the morning of October 8, the second day of the bidding process. Considering a price of Rs 1,140, the listing gain at this level of GMP is 26.14%.
The GMP marks a small decline from Rs 330, where it stood on the morning of October 7. At that level it signaled a listing gain of 28.95%. Significantly the LG Electronics IPOP 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, 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 LG Electronics IPO price band has been fixed at Rs 1080-1140. Any retail investor has to apply for a minimum lot of 134 shares and has to cough up 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.
LG Electronics IPO allotment date is October 10. On October 13, refunds will be initiated. On the same day shares will be credited to the demat account of successful applicants. The date of listing of shares is October 14. KFin Technologies is the registrar of the IPO. Citigroup, Axis Capital, BofA Securities, Morgan Stanley and JP Morgan are the lead managers.
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