Shares of LG Electronics India (NSE:LGEL) soared over 50% in their market debut on Tuesday, after the consumer electronics maker’s $1.3 billion initial public offering drew overwhelming investor demand, marking one of the country’s most successful listings in recent years.
The stock opened at 1,710.10 rupees on the National Stock Exchange, sharply higher than its issue price of 1,140 rupees. It surged as much as 53% to 1,749.0 rupees as of 10:22 IST.
The IPO, which closed last week, was subscribed more than 50 times, underscoring a strong appetite for consumer-focused manufacturing plays in India’s booming equity market.
The debut also reflected investor optimism about LG’s dominant presence in India’s appliances and electronics sectors, coupled with expectations of rising household spending and the government’s push to boost local manufacturing.
