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> is looking to raise US$1.5bn+ via part-selling 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>.</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 in 1Q25, 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 valuations.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, 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 valuations.


LG Electronics India Pre-IPO - Thoughts on Valuation

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

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>LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.</li>
<li>The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.</li>
<li>With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.</li>
</ul>


LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.
The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.
With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.


LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics</a>’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India's growing home appliances market and strong sector valuations.</li>
<li>Favourable market conditions and robust sector growth make now an ideal time for <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> to launch its India IPO, securing high investor interest and compelling valuations.</li>
<li>In a recent interview, <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>  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.</li>
</ul>



LG Electronics’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India's growing home appliances market and strong sector valuations.
Favourable market conditions and robust sector growth make now an ideal time for LG Electronics (066570 KS) to launch its India IPO, securing high investor interest and compelling valuations.
In a recent interview, LG Electronics(066570 KS)  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.


LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Front-load Washing Machine update: Front-load Washing Machine revenue grew by 2.8% YoY in 4QFY22 to Rs2.38bn. Sales were affected in Dec’21 and Jan’22 due to the third covid wave.</li></ul><div><div><div><div><ul><li>Top-load Washing Machine update: Sales of top-load Washing Machines increased by 33.6% YoY in 4QFY22 to Rs972mn.</li></ul><div><div><div><div><ul><li>Outlook: Over FY21-FY24E, we expect IFB to post 22.4% revenue CAGR. With the commissioning of self- manufacturing plant, addition of AC OEMs and scale-up in other categories, we expect earnings CAGR of 45.2% over FY21-FY24E.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Front-load Washing Machine update: Front-load Washing Machine revenue grew by 2.8% YoY in 4QFY22 to Rs2.38bn. Sales were affected in Dec’21 and Jan’22 due to the third covid wave.Top-load Washing Machine update: Sales of top-load Washing Machines increased by 33.6% YoY in 4QFY22 to Rs972mn.Outlook: Over FY21-FY24E, we expect IFB to post 22.4% revenue CAGR. With the commissioning of self- manufacturing plant, addition of AC OEMs and scale-up in other categories, we expect earnings CAGR of 45.2% over FY21-FY24E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IFB Industries - Margin Pressures Impacts Profitability; Confident of Healthy Demand in Future

India

IFB Industries Ltd. manufactures household appliances, machine tools, and automobile parts.  The Company produces washing machines, clothes dryers, microwave ovens, and household and commercial dishwashers; machine tools such as straightners, decoilers and strip loaders; motors for appliances; and       a utomobile parts.

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IFB Industries (IFBI IN)

LG Electronics India Pre-IPO - Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Devi Subhakesan

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

LG's India business IPO could unlock significant value, estimated between USD 6.7 to 9 billion given it's dominant presence in India's booming home...

Devi Subhakesan

IFB Industries - Margin Pressures Impacts Profitability; Confident of Healthy Demand in Future

IFB Industries (IFB) posted revenue of Rs8.8bn, up 10% YoY. The topline was below our estimate by 19.5%, but above consensus estimate by 3.5%.

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LG Electronics India Pre-IPO - Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

​LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Devi Subhakesan

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

LG's India business IPO could unlock significant value, estimated between USD 6.7 to 9 billion given it's dominant presence in India's booming home...

Devi Subhakesan

IFB Industries - Margin Pressures Impacts Profitability; Confident of Healthy Demand in Future

IFB Industries (IFB) posted revenue of Rs8.8bn, up 10% YoY. The topline was below our estimate by 19.5%, but above consensus estimate by 3.5%.

Nirmal Bang

LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...