LG Is Said To Add Axis To Arrange $1.5 Billion Mumbai Listing

LG had appointed banks including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley as arrangers for an IPO.

(Photographer: Krisztian Bocsi/Bloomberg)

LG Electronics Inc. has added Axis Capital Ltd. to a roster of banks arranging a potential initial public offering of its Indian unit, according to people familiar with the matter.

The South Korean company has selected the Indian bank as it moves forward with a share sale in Mumbai, the people said, asking not to be identified because the matter is private.

Representatives for LG Electronics and Axis Capital declined to comment.

Also Read: LG Said To Pick Banks For $1.5 Billion Listing Of Indian Unit

LG had appointed banks including 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 reported in September.

LG may seek to raise $1 billion to $1.5 billion from the share sale, which could give LG Electronics India Pvt Ltd. a valuation of about $13 billion, people familiar with the matter have said.

Also Read: Swiggy IPO Allotment Today: How To Check Status And Find Latest GMP

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.

Also Read: IPO Rush: Swiggy Shares To List This Week; BlackBuck, Onyx Biotec, Mangal Compusolution Offers To Open

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