In what is set to be a very busy month for Indian initial public offerings (IPOs), LG Electronics India, part of Korea’s LG Electronics, had a remarkable listing debut on India’s National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Tuesday, October 14.
The leading electronics firm, of which its parent LG Electronics sold a 15% stake, raised around $1.3 billion from the IPO. The Indian unit’s market cap climbed above INR1.14 trillion ($12.8 billion) in trading mid-morning.
The company’s shares surged to a 48.2% premium of the issue price to INR 1,690, after its IPO saw the strongest demand for an Indian IPO since 2008, led by institutional investors.
The book running lead managers were Axis Capital, Citigroup Global Markets India, Morgan Stanley India, JP Morgan India and BofA Securities. Law firm White & Case advised on the deal.
White & Case partner Rahul Guptan commented: “This landmark IPO, which is the most subscribed IPO by value in India's history for offerings worth INR10,000 crore ($1.2 billion) and up, underscores the continued attractiveness of India's equity market which remains one of the most active globally for fundraising.”
In another debut this week on the NSE and BSE, Tata Capital, the financial services arm of the Tata Group, raised $1.75 billion on October 13, the largest debut of the year. Tata Capital made a more subdued debut while the shares were priced at INR326, the top end of the price range. Investors in the shares included life insurers Linfe Insurance Corporation of India and ICICI Prudential Life, according to the prospectus.
As of June 2025, the Tata Capital managed a loan book of around $26.3 billion, and offers over 25 lending products across retail, small and medium enterprises (SME), and corporate segments. Tata Capital distributes third-party products such as insurance and credit cards, wealth management services, and has a private equity business.
The book running lead managers and underwriters were Kotak Mahindra, Axis Capital, BNP Paribas, Citi Global Markets, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, JP Morgan, and SBI Capital Markets. Law firm Sidley Austin advised these firms on the deal.
There are set to be more IPOs in India this month, with some experts suggesting as much as $5 billion could be raised, despite trade tensions with the US.
The IPOs come amid strong demand in India's equity capital market (ECM) over the last 18 months with the momentum is set to continue. Citi expects Indian IPO volumes to hit between $15 billion to $20 billion over the next 12 months and said that its India IPO pipeline is most active it has seen.
According to the US banking giant, the activity is strong across sectors including technology, consumer and healthcare.
“The pipeline is the largest on record, across domestic and international names and industries. India is likely to be one of the world’s most active equity capital markets over the next year,” said Harish Rahman, Citi’s head of Asia North, Australia & Asia South ECM execution and solutions.
