Mumbai (Maharashtra) [India], October 14 (ANI): LG Electronics India made a strong debut on the National Stock Exchange (NSE) on Tuesday, listing at Rs 1,710.10, over 50 per cent higher than its issue price.

Soon after the listing, the stock surged further and touched a high of Rs 1,749 in early trade, reflecting strong investor confidence.

The issue price of the share was Rs 1,140 per share.

Following the robust listing, the market capitalisation of LG Electronics India rose sharply to Rs 1,16,640.25 crore.

The company, a leading manufacturer and distributor of home appliances and consumer electronics (excluding mobile phones), had raised around Rs 11,607 crore through its public issue.

The Initial Public Offering (IPO) of LG Electronics India received an overwhelming response from investors, with the issue being subscribed 54.02 times on the third and final day of bidding.

Among the investor categories, the demand was led by Qualified Institutional Investors (QIBs), who subscribed 166.51 times their allotted quota.

Non-institutional investors subscribed 22.4 times, while the retail investors' portion was subscribed 3.55 times, highlighting strong participation across segments.

According to a report by Motilal Oswal, India's home appliances and consumer electronics market (excluding mobile phones) is expected to register a compound annual growth rate (CAGR) of around 14 per cent between CY24 and CY29.

The report noted that LG Electronics India (LGEIL), with its leadership across key product categories, is well-positioned to benefit from the strong industry growth outlook.

The company has outlined its strategy to maintain a balance between premium and mass-market products as part of LG's global approach.

It aims to pursue 'premiumization of mass products', focusing on improving the quality and features of affordable products, which would help enhance affordability and expand its consumer base in India.

With its strong market presence, diverse product portfolio, and robust growth plans, LG Electronics India's impressive stock market debut showed the investors' optimism about the company's future prospects and the potential of India's consumer electronics sector. (ANI)