LG India jumps 50% in blockbuster trading debut to eclipse South Korean parent
LG Electronics India surged in a blockbuster trading debut, notching a valuation of more than US$13 billion and eclipsing its South Korean parent's market capitalisation. LG ended its first trading day in Mumbai up nearly 50% from its issue price. It was the most-sought-after IPO in India since 2008, drawing bids worth US$50 billion. LG plans to export more from India and it hopes to sell more premium products locally as the country's consumption-driven economy grows. Investor confidence also further boosted after India last month cut its taxes on products, including televisions and air-conditioners. Rebecca Bundhun reports from Mumbai.
LG Electronics India surged in a blockbuster trading debut, notching a valuation of more than US$13 billion and eclipsing its South Korean parent's market capitalisation. LG ended its first trading day in Mumbai up nearly 50% from its issue price. It was the most-sought-after IPO in India since 2008, drawing bids worth US$50 billion. LG plans to export more from India and it hopes to sell more premium products locally as the country's consumption-driven economy grows. Investor confidence also further boosted after India last month cut its taxes on products, including televisions and air-conditioners. Rebecca Bundhun reports from Mumbai.
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