New Delhi, March 18 – South Korean company LG’s subsidiary, LG Electronics India Limited, and human resource and toll plaza management service provider, Innovision Limited, have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPO).
As per agency report, SEBI confirmed on Tuesday that both companies had submitted their IPO proposals in December, with approvals granted on March 13 for LG Electronics India and March 12 for Innovision.
According to the IPO filing, LG Electronics India’s parent company will sell over 10.18 crore shares, representing a 15 percent stake. While the company has not officially disclosed the total issue size, sources estimate the IPO to be valued at approximately ₹15,000 crore.
Innovision’s proposed IPO consists of a fresh issue worth ₹255 crore, along with an offer for sale (OFS) of 17.72 lakh shares by promoters Randeep Hundal and Uday Pal Singh.
Meanwhile, SEBI returned the IPO draft of technology-based engineering services and solutions firm Neelsoft on March 10 without citing any reasons. Neelsoft had submitted its initial IPO documents in December.
