India’s largest fund managers including SBI Mutual Fund, ICICI Prudential Asset Management Co. and Nippon Life India Asset Management Ltd. are set to invest as well, according to the people, who added that the makeup of anchor investors may change as deliberations are ongoing.
Representatives for LG, ADIA, GIC, Norges Bank and Fidelity declined to comment. BlackRock, SBI, ICICI, and Nippon did not respond to email queries for this story.
The South Korean company’s listing would cap a nearly yearlong process since its December filing that has seen delays amid market volatility and global trade uncertainties. An IPO at the top of the price range would value the India unit at US$8.7 billion, significantly below the US$15 billion it sought in December.
LG is tapping the market in what is set to be a record month for Indian IPOs, with proceeds expected to cross US$5 billion in October. A successful deal would further raise confidence that India’s $5 trillion stock market can absorb large deals even as US tariffs and weak earnings have left equities trailing other Asian markets this year.
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LG started taking IPO orders from anchor investors on Oct 6 and will list its shares on Oct. 14.
