LG Electronics India will not be pressured to list immediately: Chang-tae Kim
Kolkata: LG Electronics is not in a hurry to go ahead with the planned Rs 15,000-crore initial public offering by its Indian entity amid a volatile share market and an uncertain macroeconomic landscape, chief financial officer
Chang-tae Kim
said.
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Talking to analysts during the South Korean company's first-quarter earnings call, Kim said since the holding company has a "stable financial structure and the continued business progress achieved by the Indian subsidiary, we will not be pressured to list (LG Electronics India) immediately".
"Instead, our final decisions will be made upon a comprehensive assessment on, number one, the market conditions that ensure a proper valuation for the Indian subsidiary and number two, an optimal timing where we can generate maximum synergy with the IPO," Kim said on Friday during the analyst call.
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LG Electronics India had filed its initial IPO proposal with market regulator Sebi last December, with the Korean parent offering to sell 101.8 million shares, or a 15% stake.
It was aiming to launch the IPO in May. As per industry buzz, LG is now considering a post-August share sale, expecting the US tariff-related impact on share markets to subside by then. In fact, chief executive William Cho has postponed his India trip, which was scheduled for this week to coincide with the ground-breaking event for the company's third plant at Sri City in Andhra Pradesh on Thursday.
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India is LG's second biggest market after the US. The company is the market leader in refrigerators, washing machines and microwave ovens in India, and the second largest in ACs. It is also among the top two in televisions.
Kim said the growth potential held by India has attracted interest from investors home and abroad.
"And following the IPOs of major companies in Korea, we too are aware of the rising public interest on the prospects of listing our Indian subsidiary, which has unique strength in the strong Indian market. We understand there is a lot of speculation on our timeline for the IPO amidst uncertainties in the macroeconomic landscape," he said. Procedures for the India IPO are currently underway, Kim said.
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