LG Electronics IPO: Rs 30 crore m-cap company bids a whopping Rs 748 crore

As LG Electronics India’s mega Rs 11,607-crore IPO draws near, a surprising development has captured market attention. A tiny microcap, Winro Commercial (India), with a market capitalization of just Rs 30 crore, has placed bids totaling an eye-popping Rs 748 crore. The company, an NBFC focused on investments in shares and securities, stated in a regulatory filing on October 9 that it is participating as a financial investor in the IPO. The proposed acquisition involves 65.65 lakh equity shares, the company disclosure showed.

It’s important to note that this isn’t the company’s own money at work but pure leveraging, a common practice in financial markets used by both individual and institutional investors. Leveraging involves using borrowed funds or debt to amplify potential returns. Instead of investing only their own capital, investors borrow additional money to acquire more assets—be it stocks, real estate, or derivatives—hoping that the gains will exceed the cost of borrowing.

LG Electronics IPO has witnessed massive investor interest and broken all previous subscription records. The offer drew bids worth a staggering Rs 4 lakh crore as investors rushed to grab a piece of the consumer durable giant. The issue was subscribed to 54 times, making it one of the most sought-after offerings of the year, NSE data showed.


QIBs or qualified institutional buyers were at the forefront, purchasing 166.51 times the portion reserved for them. Non-institutional investors or high networth individuals bought 22.42 times the quota reserved for them, or bidding for 34 crore shares as against 1.5 crore shares on offer. The employee portion was booked just over 7 times, while retail investors bought 3.46 times the portion reserved for them.

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Brokerages are upbeat about LG India’s debut. SBI Securities has given a “Subscribe” rating, noting the company’s “strong growth visibility, innovation pipeline, and deep distribution network.”

At Rs 1,140 per share, LG trades at a P/E of 35.1x FY25 earnings — “fair compared to peers,” analysts say, given its dominant market positions: washing machines (33.5%), refrigerators (29.9%), air conditioners (20.6%), and microwaves (51.4%). As for valuations, LG Electronics India demands a price-earnings multiple of 35, significantly lower than 48-65 for peers including Whirlpool of India, Havells India, Voltas and Blue Star.

The grey market premium (GMP) for the LG Electronics IPO stood at Rs 395 as of October 10, 2025. Based on the price band of Rs 1,140, the estimated listing price is around Rs 1,535 per share, indicating an expected gain of approximately 34.65% per share.

However, investors should note that GMP is driven by market sentiment and can fluctuate sharply. It serves as an indicative figure and may not accurately reflect the actual listing price.

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