Sources: LG Targets Up to $15 Billion Valuation for India IPO

South Korean conglomerate LG Electronics Inc. is considering raising the valuation of its India unit to as much as $15 billion in a planned listing in Mumbai next year, following initial feedback from analysts and investors, according to people familiar with the matter, according to Bloomberg.

LG Electronics plans to start a formal roadshow for the initial public offering (IPO) of LG Electronics India Pvt. in the next two months and is targeting a listing in the first half of 2025, the people said.

The company had previously targeted a valuation of about $13 billion, Bloomberg News reported in September.

LG has shown preliminary interest from potential investors, according to people familiar with the matter, who said talks are ongoing and details could change. LG may ultimately target a lower valuation for the deal, depending on the final bid, one of the people said.

An LG representative declined to comment on the Bloomberg report.

Earlier this month, LG filed a draft prospectus for the offering with Indian regulators detailing plans to sell up to 101.82 million shares, none of which will be new. Morgan Stanley, JPMorgan Chase & Co., Axis Capital Ltd., Bank of America Corp. and Citigroup Inc. will manage the IPO.

The company could seek to raise between $1 billion and $1.5 billion through the IPO, the people said.

LG shares have fallen about 13 percent this year on the Seoul Stock Exchange, giving the company a market value of about $10 billion.

India has had a strong year for share sales, driven by growing interest from global investors. Nearly $18 billion has been raised through IPOs this year, according to data compiled by Bloomberg. These listings include the record $3.3 billion IPO of the Indian unit of South Korean automaker Hyundai Motor Co. in October, and two other listings that exceeded $1 billion, namely Swiggy Ltd. and NTPC Green Energy Ltd.