Dec 6 Reuters The Indian unit of South Korea39;s LG Electronics filed for an initial public offering on Friday to cash in on the country39;s growing demand for consumer durables amid higher appetite for IPOs.

The Indian firm said its parent company will sell 101.8 million shares as part of the offering. No new shares will be issued for sale.

The IPO for LG Electronics India, which sells washing machines and refrigerators, is valued at 152.37 billion rupees 1.80 billion, as per a Moneycontrol report, ranking it among the top five in the country this year.

About 298 companies listed on the Indian bourses have raised 16.65 billion in 2024, as per data compiled by SP Global Market Intelligence more than double the amount raised last year.

However, Indian stock markets, which saw a recent downtrend, have since moderated as foreign investors turned net sellers last month. This volatility in market conditions poses some risk for the IPO39;s listing, said Mahesh Ojha, research analyst at Hensex Securities.

LG faces increasing competition against its rivals and the focus would now be on pricing for the IPO, Ojha added.

India39;s appliances and electronics market is projected to grow about 12 in the next five years, as per LG39;s analysis, which cited Bangalorebased consultancy firm RedSeer.

The growth in the sector is expected to unfold on the back of increasing penetration of appliances and electronics in both urban and rural areas, the draft prospectus showed.

LG…