Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> raised around US$1.3bn via selling 15% of its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> IPO.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.


LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a> debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.</li>
<li>Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.</li>
<li>Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .</li>
</ul>



LG Electronics India (123D IN) debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.
Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.
Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .


LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (LGEIL)</a> ’s USD 1.3 bn IPO, which opened on October 6, closes for subscription today, October 9, and is expected to list on October 14th.</li>
<li>LGEIL has secured Rs34.7 bn from anchor investors ahead of its Rs116.1 bn IPO, signaling a likely strong oversubscription at close today.</li>
<li>LGEIL IPO, priced at a steep discount to peers do not fully reflect company's comparative strengths - strong market leadership, high returns and growth potential. Expect listing pop of 30%+.</li>
</ul>



LG Electronics India (LGEIL) ’s USD 1.3 bn IPO, which opened on October 6, closes for subscription today, October 9, and is expected to list on October 14th.
LGEIL has secured Rs34.7 bn from anchor investors ahead of its Rs116.1 bn IPO, signaling a likely strong oversubscription at close today.
LGEIL IPO, priced at a steep discount to peers do not fully reflect company's comparative strengths - strong market leadership, high returns and growth potential. Expect listing pop of 30%+.


LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>  is selling 15% stake in Indian subsidiary <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a>. Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent</li>
<li>Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India</li>
<li>IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. Must Apply
</li>
</ul>



LG Electronics (066570 KS)  is selling 15% stake in Indian subsidiary LG Electronics India (123D IN). Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent
Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India
IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. Must Apply



LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a>/LGEIL, a subsidiary of <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>, aims to raise up to US$1.3 billion through a secondary offering.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:182381" rel="noopener">LG Electronics India IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:183018" rel="noopener">LG Electronics India IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-updates-support-the-bull-case" target="_blank" data-smartkarma-citation="insights:204762" rel="noopener">LG Electronics India IPO: Updates Support the Bull Case</a>. </li>
<li>My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.</li>
</ul>



LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.3 billion through a secondary offering.
I previously discussed the IPO in LG Electronics India IPO: The Bull Case, LG Electronics India IPO: The Bear Case and LG Electronics India IPO: Updates Support the Bull Case. 
My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.


LG Electronics India IPO: Valuation Insights

India

Havells India is a multinational fast-moving electrical goods (FMEG) company that manufactures and distributes a diverse range of industrial and consumer electrical products. Their offerings include circuit protection devices, cables and wires, motors, fans, modular switches, lighting, home appliances, and air conditioners. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1958.

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Havells India (HAVL IN)

LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO. In this note, we talk about the trading...

Sumeet Singh

LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

LG Electronics India debuts today - strong listing pop expected. Superior ROE and growth make it attractive for long-term investors.

Devi Subhakesan

LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

High-return operations, strong sector fundamentals, attractive IPO pricing, and robust anchor investor participation point to likely...

Devi Subhakesan

LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...

Himanshu Dugar

LG Electronics India IPO: Valuation Insights

My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.

Arun George

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52-week Range

Market Cap (USDm)

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LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO. In this note, we talk about the trading...

Sumeet Singh

LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

LG Electronics India debuts today - strong listing pop expected. Superior ROE and growth make it attractive for long-term investors.

Devi Subhakesan

LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

High-return operations, strong sector fundamentals, attractive IPO pricing, and robust anchor investor participation point to likely...

Devi Subhakesan

LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

​LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...

Himanshu Dugar

LG Electronics India IPO: Valuation Insights

My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.

Arun George

LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...