Shares of LG Electronics India Ltd on Tuesday made a stunning market debut, listing with a premium of over 50 per cent, against the issue price of Rs 1,140 per share.
The stock started trading at Rs 1,715, surging 50.43 per cent from the issue price on the BSE. Later, it zoomed 52.31 per cent to Rs 1,736.40.
At the NSE, the stock made its market debut at Rs 1,710.10, registering a premium of 50 per cent.
The company's market valuation stood at Rs 1,12,380.95 crore during the morning trade.
The initial public offering of LG Electronics India Ltd received 54.02 times subscription on the final day of bidding on Thursday, driven by overwhelming participation from institutional buyers.
The Rs 11,607-crore IPO had a price band of Rs 1,080 to Rs 1,140 per share.
This is the second South Korean company to tap the Indian stock market, following the listing of Hyundai Motors India Ltd in October last year.
The IPO was entirely an Offer-For-Sale (OFS) of 10.18 crore shares, representing about 15 per cent stake, by the South Korea-based parent.
LG Electronics India is a leading player in major home appliances and consumer electronics. The company's products are sold to both B2C and B2B customers in India and abroad. It also provides installation, repair, and maintenance services for all its products.
The company manufactures and sells products, including washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. It has manufacturing units at Noida, Uttar Pradesh and Pune, Maharashtra.