Overview
- Shares opened at Rs 1,710 on the NSE and Rs 1,715 on the BSE versus the Rs 1,140 issue price, delivering about a 50% listing premium.
- Roughly 89.3 million shares worth about Rs 8,500 crore traded in the first 30 minutes, with the stock hitting intraday highs near Rs 1,736 before a partial pullback.
- The Rs 11,607 crore offering was a complete offer-for-sale of about 10.18 crore shares by LG Electronics Inc., with no fresh capital raised for the Indian unit.
- Demand set new benchmarks with overall subscription at 54.02 times, QIB bids at about 166.5 times, and total bid value near Rs 4.4 lakh crore.
- Brokerages including Motilal Oswal, ICICI Securities, PL Capital, Nomura and Emkay initiated coverage with buy ratings and targets around Rs 1,700–2,050.