LG Electronics India share price extended gains for second consecutive day on Wednesday, October 15. The home appliances and consumer electronics seller stock rose as much as 1 per cent to ₹1708.35.
LG Electronics stock made a bumper stock market debut on Tuesday, listing at 50 per cent premium over the IPO price. The stock got listed at ₹1715 on the BSE and at ₹1,710.10 on the NSE.
Ahead of the listing, the shares of LG Electronics IPO were trading at ₹1,562, indicating a listing premium of 37 per cent.
LG Electronics IPO was entirely an offer for sale of 10.18 crore shares, with price band fixed at ₹1,080 to ₹1,140 per share.
LG Electronics’ ₹11,607 crore IPO became the most oversubscribed public offering in the Indian stock market, attracting bids totaling nearly ₹4.5 lakh crore.
The segment reserved for qualified institutional buyers (QIBs) was massively oversubscribed at 166.51 times, while the non-institutional investors’ portion saw 22.44 times subscription. The retail individual investors (RIIs) category received 3.54 times subscription.
LG Electronics share price: Should you buy, sell or hold?
Brokerage firm Motilal Oswal has initiated coverage on LG Electronics stock and has given ‘buy’ rating, with a target price of ₹1,800 apiece, impying 58 per cent upside potential.
“We initiate coverage on LGEIL with a BUY rating and a TP of INR1,800, premised on 40x FY28E EPS. LGEIL should trade at higher multiple, given the strong return ratios, higher OCF conversion and a strategic focus on localization.”
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