LG Electronics Inc. reported record-breaking sales in India for 2024, strengthening the case for its planned initial public offering of its Indian subsidiary later this year.
The South Korean home appliance manufacturer saw its Indian unit’s revenue climb 14.8% to 3.79 trillion won ($2.8 billion) in 2024, according to regulatory filings released Tuesday. Net profit rose even more dramatically, jumping 43.4% to 331.8 billion won year-on-year.
The company filed preliminary IPO registration documents with India’s Securities and Exchange Board in December. Banking sources suggest the listing could raise up to $1.8 billion, valuing the enterprise at approximately $13 billion.
LG has established a dominant position in India’s consumer electronics market, controlling 33.5% of the washing machine segment, 28.7% of refrigerators, and 25.8% of televisions, according to data from Indian research firm Redseer.
The company is conducting investor roadshows in Singapore, Hong Kong, and Boston through March following what it described as a well-attended investor relations meeting in Mumbai last week.
If successful, LG would become just the second South Korean company to list on Indian exchanges, following Hyundai Motor India’s $3.3 billion IPO last October.
LG sees substantial growth opportunities in India, where appliance penetration remains significantly lower than China’s — only 38% of households own refrigerators, 17% have washing machines, and 8% use air conditioners.
The company is also positioning India as an alternative manufacturing hub to China, having expanded its refrigerator production capacity in Pune and planning a new 830 billion won ($620 million) factory in southern India.
