Shah Rukh Khan, often hailed as Bollywood's Badshah, has once again captured the spotlight. The…
LG Electronics shares list at 50% premium over IPO price
What’s the story
LG Electronics India’s shares made a stellar debut on the stock market today, listing at a massive 50% premium over its IPO price.
The company’s shares were listed at ₹1,710.1 apiece on the National Stock Exchange (NSE), a strong premium of 50.01%.
On the Bombay Stock Exchange (BSE), they debuted even higher at ₹1,715 per share, a premium of 50.44%.
Market cap jumps to ₹1.16 lakh crore
The company’s market capitalization after the share listing stood at ₹1,16,409.47 crore. This is a significant jump from its valuation of ₹77,400 crore at the upper end of the IPO price band.
The shares were offered in a price range of ₹1,080-1,140 per share during the IPO.
LG Electronics IPO breaks records
The ₹11,607 crore IPO of LG Electronics is the most subscribed public issue in the Indian stock market.
It received bids worth nearly ₹4.5 lakh crore, beating Bajaj Housing Finance’s previous record of ₹3.2 lakh crore.
The overall subscription was 54.02 times with qualified institutional buyers (QIBs) subscribing a whopping 166.51 times and non-institutional investors’ quota getting 22.44 times subscription.
IPO details
The IPO price band for LG Electronics was fixed at ₹1,080 to ₹1,140 per share. Investors could apply in lots of 13 shares.
The issue was entirely an offer for sale of 10.18 crore shares, meaning the proceeds will go to the promoter selling shareholder and not be received by the company itself.
Domestic brokerage Motilal Oswal Financial Services initiated coverage with a bullish view and assigned a ‘Buy’ rating with a share price target of ₹1,800.
Related Articles
The opinions and investment advice provided by experts on ipogmp.org are solely their own and do not reflect the views of the website or its management. Ipogmp.org recommends that users consult with certified professionals before making any investment decisions. *Please note that advisory services mentioned on Ipogmp.org are not currently operational and are proposed services awaiting SEBI registration.Related Posts
This Post Has 0 Comments