Seoul: LG Electronics Inc., South Korea’s leading home appliance maker, announced plans on Wednesday to list its Indian subsidiary, LG Electronics India Ltd., later this month. The pricing band for the proposed stake sale is set at up to 1.83 trillion won (US$1.29 billion).

According to Yonhap News Agency, LG Electronics revealed on Tuesday its intention to sell a 15 percent stake in its Indian subsidiary as part of the initial public offering (IPO) process for listing on the Indian stock market. The IPO is anticipated to generate at least 1.73 trillion won, with shares priced between 1,080 rupees (US$12.16) and 1,140 rupees.

The South Korean company confirmed that it received approval from the Securities and Exchange Board of India to sell the shares on October 13, with the subsidiary expected to be listed the following day. This IPO is projected to elevate the value of LG Electronics India Ltd. to as much as 12 trillion won.

LG Electronics stated in a release that the Indian home appliances market is poised for significant growth, fueled by the country’s 1.4 billion population and strong economic performance. The company plans to enhance its investment efforts to strengthen its market competitiveness.