By Kwanwoo Jun


LG Electronics plans to sell a 15% stake in its Indian affiliate through an initial public offering, two months after South Korean carmaker Hyundai Motor India's record IPO in India.

LG Electronics India filed a preliminary prospectus with stock market regulators on Dec. 6 for approval to list in India, the South Korean consumer electronics parent company said in a regulatory filing Monday.

The parent company stated that a final decision on the listing would depend on market conditions and investor demand in India, with the IPO price yet to be determined.

The subsidiary plans to offer up to 101.8 million shares to investors in the proposed IPO, with Morgan Stanley, JP Morgan, Axis Capital, BofA Securities and Citigroup acting as managers for the share sale, according to the draft red herring prospectus submitted to the National Stock Exchange of India.

LG could raise $1 billion to $1.8 billion by selling the stake, according to media outlets including The Times of India and Bloomberg, citing unnamed sources.

In October, South Korean auto giant Hyundai Motor's Indian subsidiary, Hyundai Motor India, raised $3.3 billion in the country's largest ever IPO.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

12-09-24 0025ET