New Delhi: Shares of LG Electronics India Ltd made a spectacular market debut on Tuesday, listing at a premium of over 50% against the issue price of Rs 1,140 per share.

The stock opened at Rs 1,715 on the BSE, surging 50.43% from the issue price, and later touched Rs 1,736.40, a rise of 52.31%. On the NSE, LG Electronics India debuted at Rs 1,710.10, registering a 50% premium.

The company’s market valuation stood at Rs 1,12,380.95 crore during morning trade.

The Rs 11,607-crore IPO saw overwhelming demand, receiving 54.02 times subscription on the final day of bidding last Thursday, largely driven by institutional investors. The price band for the IPO was Rs 1,080 to Rs 1,140 per share.

This marks LG Electronics India as the second South Korean company to enter the Indian stock market, following Hyundai Motors India Ltd’s listing in October last year.

The IPO was entirely an Offer-For-Sale (OFS) of 10.18 crore shares, representing about 15% stake, by the South Korea-based parent company.

LG Electronics India is a leading player in major home appliances and consumer electronics. Its products are sold to both B2C and B2B customers in India and abroad. The company also provides installation, repair, and maintenance services for all its products.

The company manufactures and markets washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves, with manufacturing units in Noida, Uttar Pradesh, and Pune, Maharashtra.