LG Electronics India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Oct 2025 | ₹460 | +40.35% | ₹4,500 | ₹1,600 | ₹5,980 |
| 13 Oct 2025 | ₹430 | +37.72% | ₹4,200 | ₹1,570 | ₹5,590 |
| 12 Oct 2025 | ₹370 | +32.46% | ₹3,700 | ₹1,510 | ₹4,810 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 07 Oct 2025 – 09 Oct 2025
- Listing date
- 14 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹1,140 per share
- Lot size
- 13 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹11,607 Cr
- Market cap at offer price
- ₹77,380 Cr
- Promoter holding
- 100.00% → 85.00% pre-issue → post-issue
- ISIN
- INE324D01010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Morgan Stanley India Co.Pvt.Ltd.
- Registered office
- A 24/6, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,04,81,539 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 13 shares per lot, in multiples, at ₹1,140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 13 | ₹14,820 |
| Retail (max) | 13 | 169 | ₹1,92,660 |
| S-HNI (min) | 14 | 182 | ₹2,07,480 |
| S-HNI (max) | 67 | 871 | ₹9,92,940 |
| B-HNI (min) | 68 | 884 | ₹10,07,760 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹1,140 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 32.46 | 30.25 |
| P/E (×) | 35.12 | 37.69 |
| Price to book (×) | 13.04 | — |
| Market cap | — | ₹77,380 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.13%
- ROCE
- 42.91%
- PAT margin
- 8.95%
- EBITDA margin
- 12.76%
- NAV per share
- ₹87.42
- Price to book
- 13.04
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About LG Electronics India
LG Electronics India Limited is the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume for the three-month period ending June 30, 2024, and has been the number one player in this industry for 13 consecutive years (CY2011 to CY2023) as per value market share in the offline channel. Incorporated on January 20, 1997 as a private limited company, the Company was converted to a public limited company on December 3, 2024. The Company manufactures its products at the Noida Manufacturing Unit and the Pune Manufacturing Unit and sells to both B2C and B2B consumers in India and outside India through multiple distribution channels including LG BrandShops, modern trade, online platforms, distributors, sub-dealers, multi-brand outlets, and regional specialty stores. The Company also offers installation services and repairs and maintenance services for all its products. The Company operates under a License Agreement with its Promoter, LG Electronics Inc., under which it manufactures, assembles, markets, distributes and sells authorized products using LG's brand, technology and technical know-how.
Company Analysis
from DRHPLG Electronics India Limited manufactures and sells major home appliances and consumer electronics (excluding mobile phones) including refrigerators, washing machines, air conditioners, televisions, and related products for B2C and B2B markets in India and internationally.
LG Electronics India Limited is the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume for the three-month period ending June 30, 2024, and has been the number one player in this industry for 13 consecutive years (CY2011 to CY2023) as per value market share in the offline channel. Incorporated on January 20, 1997 as a private limited company, the Company was converted to a public limited company on December 3, 2024. The Company manufactures its products at the Noida Manufacturing Unit and the Pune Manufacturing Unit and sells to both B2C and B2B consumers in India and outside India through multiple distribution channels including LG BrandShops, modern trade, online platforms, distributors, sub-dealers, multi-brand outlets, and regional specialty stores. The Company also offers installation services and repairs and maintenance services for all its products. The Company operates under a License Agreement with its Promoter, LG Electronics Inc., under which it manufactures, assembles, markets, distributes and sells authorized products using LG's brand, technology and technical know-how.
Objects of the Issue
- The Selling Shareholder will be entitled to the entire proceeds of the Offer after deducting the Offer expenses and relevant taxes thereon. The objects of the Offer are to carry out the Offer for Sale of equity shares by the Selling Shareholder and achieve the benefits of listing the Equity Shares on the Stock Exchanges. p.19
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.112
Issue Structure
- Total Issue
- Up to 101,815,859 equity shares of face value of ₹ 10 each aggregating up to ₹ [●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 101,815,859 equity shares of face value of ₹ 10 each aggregating up to ₹ [●] million by LG Electronics Inc.
- Price Band
- To be decided by the Company in consultation with the BRLMs
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The Company derives revenue from the sale of home appliances and consumer electronics products to B2C and B2B consumers in India and internationally. The Company manufactures products at two manufacturing units (Noida and Pune) and distributes them through multiple channels including exclusive LG BrandShops, modern retail chains, e-commerce platforms, traditional distributors and dealers, multi-brand outlets, and regional specialty stores. The Company also generates revenue from installation services and repairs and maintenance services. The Company pays royalties to its Promoter LG Electronics Inc. for the use of licensed brand, technology and technical know-how at rates of 2.30% of net sales for authorized products (other than LCD televisions and monitors) and 2.40% of net sales for LCD televisions and monitors.
Business Segments
SWOT Analysis
- • Market leader in major home appliances and consumer electronics(p.14)
- • Strong promoter backing and access to technology and brand(p.31)
- • Zero debt and strong net worth position(p.20)
- • Profitable operations with consistent earnings(p.20)
- • Extensive distribution network across organized and unorganized retail(p.14)
- • Dependence on LG Electronics' global brand leadership and technology(p.49)
- • Established pan-India distribution and service network(p.59)
- • Diversified product portfolio across home appliances and consumer electronics(p.52)
- • Leading market share in major home appliances and consumer electronics across multiple categories(p.140)
- • #1 market position consistently held for 13 consecutive years(p.140)
- • Largest distribution network among leading players(p.141)
- • One of the largest after-sales service networks(p.141)
- • One of the largest in-house production capacities(p.141)
- • Superior operational efficiency in deliveries(p.141)
- • One of the widest product portfolios(p.146)
- • First-mover advantage with global technologies and innovations(p.146)
- • Market leadership across multiple product categories with #1 position for 13 consecutive years(p.173)
- • Largest distribution network among leading competitors with 36,401 B2C touchpoints(p.175)
- • First-mover advantage in key technologies including 100% inverter AC adoption and OLED TVs(p.151)
- • Largest in-house production capacity among leading competitors with two manufacturing units(p.170)
- • Superior capital efficiency with 45.31% ROCE, highest among peers(p.177)
- • Best-in-class profitability with 10.42% EBITDA margin and 7.01% net profit margin(p.172)
- • Strong brand recognition as Most Trusted Brand for four consecutive years(p.168)
- • Extensive supplier network with long-term relationships averaging 11 years(p.177)
- • Established manufacturing infrastructure in two locations(p.207)
- • Strong track record of product innovation and firsts(p.208)
- • ISO certifications and quality accreditations(p.208)
- • Industry recognition as trusted brand(p.208)
- • Access to parent company's global brand and technology(p.209)
- • Market leadership in major home appliances and consumer electronics(p.320)
- • 13 consecutive years as number one player in offline channel value market share(p.320)
- • Strong global parentage and access to LG brand(p.320)
- • One of the widest product portfolios among leading competitors(p.320)
- • Largest after-sales service network among leading competitors(p.324)
- • Export presence across 54 countries(p.320)
- • Successful technology innovation including inverter AC leadership(p.324)
- • Minimal financial leverage with only unsecured working capital facilities(p.351)
- • Strong patent and design portfolio protecting intellectual property(p.367)
- • Exclusive trademark rights from promoter enhancing brand value(p.367)
- • Compliance with all SEBI IPO eligibility criteria including profitability and asset thresholds(p.372)
- • High dependence on promoter and single relationship risk(p.31)
- • Concentration risk with top suppliers(p.31)
- • High raw material purchase intensity relative to revenue(p.31)
- • Significant revenue concentration in few product categories(p.31)
- • Material pending litigation and contingent liabilities(p.21)
- • Large contingent liability from royalty disputes with tax authorities(p.37)
- • High dependence on LG Electronics for technology, manufacturing, and royalty payments(p.53)
- • Significant contingent royalty liability pending APA approval(p.74)
- • History of delays in statutory dues payments(p.58)
- • Warranty provisions have been exceeded by claims in past periods(p.51)
- • Fatal workplace accidents at manufacturing facility(p.64)
- • Dependence on LG Electronics Inc. as sole promoter(p.106)
- • High cash dividend payouts potentially constraining capital(p.91)
- • Concentration of manufacturing capacity in two units with dependency on Noida and Pune locations(p.170)
- • Heavy reliance on imported components despite localization efforts, particularly semiconductors(p.166)
- • Dependency on third-party logistics partner LX Pantos for entire logistics chain operations(p.190)
- • Royalty obligations to parent company LG Electronics reducing profit margins(p.193)
- • Significant royalty obligation to parent company creating financial burden(p.210)
- • Contingent liability from unresolved transfer pricing dispute(p.241)
- • Entirely dependent on single parent company(p.230)
- • Limited dividend history despite profitable operations(p.231)
- • Dependence on limited number of suppliers for raw materials and components(p.Not explicitly stated in this document section)
- • Concentration of manufacturing assets with third parties(p.257)
- • Contingent royalty liability exposure(p.293)
- • High tax contingencies and litigation exposure(p.293)
- • Significant contingent liability from unresolved royalty agreement(p.304)
- • Substantial royalty obligations to parent company(p.329)
- • Large unresolved contingent royalty liability of ₹67,437 million as of March 31, 2024(p.341)
- • Dependence on limited suppliers for key raw materials(p.343)
- • Dependence on single logistics partner for warehouse and logistics(p.343)
- • Audit trail not enabled for accounting software in prior years(p.306)
- • Multiple disputed statutory dues across income tax, customs, and GST(p.306)
- • Significant pending tax litigation with material disputed amounts across multiple assessment years(p.358)
- • High volume of ongoing consumer litigation with material aggregate claims(p.358)
- • Multiple outstanding criminal proceedings against the company(p.354)
- • Numerous regulatory and legal metrology violations pending across states(p.355)
- • Large GST demand from authorities with significant penalty exposure(p.359)
- • Pending employee benefit fund contribution disputes with interim court stay(p.358)
- • Growing appliances and electronics market in India(p.14)
- • B2B segment growth and institutional demand(p.14)
- • Expansion of manufacturing capacity and new facilities(p.45)
- • Access to global LG Group network and export opportunities(p.38)
- • Growing demand for smart home and IoT-enabled appliances in India(p.49)
- • Export expansion to Africa and Asia(p.60)
- • Government incentive schemes for manufacturing and exports(p.62)
- • India's appliances & electronics market projected to grow at 12% CAGR to ₹10 trillion by 2028(p.139)
- • India's GDP per capita at inflection point for accelerated consumer spending(p.133)
- • Strong shift to organized retail and e-commerce with online channel growing to 44% by 2028(p.142)
- • Significant penetration headroom across major appliance categories(p.149)
- • Rising premiumization trend as middle-class households expand(p.135)
- • Significant growth in air conditioner market with penetration rising from 12% to 18% by 2028(p.150)
- • Significant growth in India appliances market projected at 15% CAGR with TAM expanding to ₹5,690 billion by CY2028P(p.161)
- • Premiumization trend with consumers shifting toward high-end products and advanced technologies(p.152)
- • Expansion of B2B market growing at 14% CAGR from ₹510 billion to ₹900 billion by CY2028P(p.179)
- • Services segment growing at robust 20% CAGR, projected to reach ₹470 billion by CY2028P(p.157)
- • E-commerce channels expanding rapidly with projected 28% share for TVs and 70% for audio by CY2028P(p.154)
- • Plan to construct third manufacturing unit in Andhra Pradesh to expand capacity(p.170)
- • Growing penetration of smart and connected appliances with IoT integration opportunities(p.160)
- • Expansion into new product categories and technologies(p.205)
- • Entry into rental and leasing business for consumer appliances(p.206)
- • Growth in direct-to-consumer channels including e-commerce(p.201)
- • Expansion of manufacturing capacity and new product lines(p.208)
- • Industrial promotion subsidies and government incentives(p.300)
- • Export benefits under government schemes(p.254)
- • Expansion of manufacturing capacity through capital investments(p.260)
- • Market growth acceleration from 7% to 12% expected over next five years(p.324)
- • High market underpenetration in India(p.324)
- • Growth of organized retail and e-commerce channels(p.324)
- • Enhanced rural electrification enabling demand in rural areas(p.324)
- • Strategy to introduce AI-backed premium products(p.324)
- • Expansion into B2B market with specialized HVAC and commercial products(p.325)
- • Plan to construct third manufacturing unit in Andhra Pradesh(p.327)
- • Eligible for government incentives for new Andhra Pradesh manufacturing unit(p.327)
- • Launch of new subscription and rental revenue streams(p.324)
- • Expansion of manufacturing capacity through established facilities in multiple states(p.366)
- • Portfolio of environmental and extended producer responsibility compliance capabilities(p.366)
- • Access to strong global group company network for technology and operations(p.368)
- • Diversified product portfolio with strong intellectual property protection(p.367)
- • Intense competition in home appliances and consumer electronics(p.43)
- • Commodity price volatility and raw material cost inflation(p.31)
- • Disruption risks in manufacturing operations(p.44)
- • Supply chain disruptions and geopolitical risks(p.41)
- • Regulatory and compliance risks from multiple jurisdictions(p.41)
- • Semiconductor supply shortages and component availability(p.39)
- • Rapid technological change and short product cycles in consumer electronics(p.49)
- • Dependence on non-exclusive relationships with trade partners(p.49)
- • Seasonal demand fluctuations(p.65)
- • Exposure to foreign exchange volatility(p.67)
- • Vulnerability to macroeconomic downturns and consumer spending sensitivity(p.79)
- • Stringent environmental compliance requirements(p.77)
- • Geopolitical tensions affecting supply chains and exports(p.75)
- • Global appliances market growing at only 1.5% CAGR, indicating mature market pressures(p.138)
- • Intense competitive pressure in appliances and consumer electronics industry(p.138)
- • Regulatory exposure through energy efficiency standards and government mandates(p.139)
- • Dependence on organized offline channel which still represents 80% of major home appliances market(p.140)
- • Intensifying competition from Chinese brands gaining ground in high-growth categories(p.166)
- • Supply chain and input cost vulnerabilities from reliance on imported components and FX exposure(p.166)
- • Volatility in raw material prices from steel, copper, and aluminum subject to global commodity fluctuations(p.166)
- • Regulatory and environmental compliance pressures requiring higher R&D and manufacturing costs(p.166)
- • Rapid technological advancements requiring sustained R&D investment and agile product development(p.166)
- • Complex regulatory environment and compliance requirements(p.202)
- • Potential impact from new labour codes and regulations(p.203)
- • Exposure to foreign exchange and transfer pricing risks(p.241)
- • Government powers to restrict imports/exports of goods(p.202)
- • Foreign exchange volatility exposure(p.280)
- • Regulatory and tax compliance risks(p.293)
- • Lease obligation and operating commitments(p.273)
- • Warranty and product liability provisions(p.292)
- • Intense competition from large multinational and specialized competitors(p.325)
- • Pricing pressures from competitive discounting and promotional strategies(p.325)
- • Volatility in raw material prices and supply(p.325)
- • Foreign exchange rate fluctuation risks(p.329)
- • Seasonality and cyclicality of demand affecting sales volumes(p.328)
- • Regulatory and tax compliance risks across multiple jurisdictions(p.306)
- • Extensive pending litigation from regulatory authorities on legal metrology compliance across multiple jurisdictions(p.355)
- • Significant indirect tax exposure and potential GST compliance challenges(p.359)
- • Direct tax assessment disputes across multiple years with significant reassessment amounts(p.360)
- • Environmental compliance show cause notice for plastic waste management obligations(p.358)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| LG Electronics Inc. | Promoter/Promoter Selling Shareholder | 100.00% | — |
| LG Electronics Inc. | Promoter | 100% | [●]% |
| LG Electronics Inc. | Promoter | 100.00% | — |
| LG Electronics Inc. | Promoter | 100.00% | — |
| LG Electronics Inc. | Promoter | 100.00% | — |
| LG Electronics Inc., South Korea | Holding company | 100% | 100% |
| LG Soft India Private Limited | Subsidiary of the holding company | 0.00% | 0.00% |
| LG Electronics Inc. | Promoter | — | — |
| LG Electronics Inc. | Promoter | — | — |
| LG Electronics Inc. | Promoter/Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.