The initial public offering of LG Electronics India was subscribed fully on the first day itself, thanks to non-institutional investors (NIIs). The ₹11,607-crore IPO received bids for 7.45 crore shares as against 7.13 crore shares on offer, translating into 1.04 times subscription.
The IPO with a price band of ₹1,080-1,140 will close on Thursday. The portion reserved for NIIs garnered bids for 2.31 times, while the quota for retail investors was subscribed 81 per cent and qualified institutional buyers by 49 per cent. Employee too remained aggressive by subscribing 1.87 times.
The company on Monday raised around ₹3,475 crore from anchor investors who included a host of local and global funds, including pension funds and sovereign funds. Among the domestic funds included SBI Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life MF, Axis MF, ICICI Prudential MF and Nippon Life India MF. Global funds included the Government of Singapore, the Monetary Authority of Singapore, Fidelity Funds, BlackRock, the Abu Dhabi Investment Authority and several others.
The IPO is entirely an offer-for-sale of 10.18 crore shares, representing about 15 per cent stake, by the South Korea-based parent.
Meanwhile, another mega issue Tata Capital received bids for 75 per cent at the end of Day 2. The ₹15,512 crore IPO at a price band of ₹310-326 will close on Wednesday. Leading the subscription window was QIB (0.86 time), followed by NIIs (0.76 time) and retail investors (0.67 times). It has reserved 12 lakh shares to employees and that quota was subscribed 1.95 times.
Tata Capital has allotted ₹4,642 crore worth of shares to anchor investors ahead of the IPO. Among the marquee investors included LIC, HDFC Mutual Fund and ICICI Prudential MF and global majors such as Goldman Sachs and Morgan Stanley.