Las Vegas, Jan 9 (NationPress) LG Electronics’ CEO Cho Joo-wan has indicated that the immense business potential in the Indian market is the driving force behind the company's decision to pursue an initial public offering (IPO) in that region.

"The intended IPO aims to leverage the increasing demand," Cho commented during a press briefing at the Las Vegas Convention Center, held in conjunction with CES 2025, as reported by Yonhap news agency.

The South Korean corporation submitted a draft to the Indian stock exchange for an IPO of its Indian division, LG Electronics India Ltd., in early December. This offering, projected for April or May, is expected to generate up to 2 trillion won ($1.3 billion).

India's rising demand for consumer goods has attracted major global players to explore IPO opportunities. Notably, Hyundai Motor made its debut on the Indian stock market last year, securing a remarkable $3.3 billion.

Nonetheless, Cho stressed that the primary motivation for LG Electronics' public offering in India is not merely to raise significant capital.

"Our planned IPO in India is motivated by the potential of the Indian market," he stated. "Financial gains come secondary. The capital raised will be directed towards various initiatives."

Cho pointed out the considerable growth prospects in India, highlighting that a significant number of households still lack fundamental appliances such as air conditioners, refrigerators, washing machines, and televisions.

"We aspire to equip their homes with LG Electronics products," he expressed.

In support of this expansion, Cho hinted at the possibility of further investments in the country, according to the report.

The company intends to hire more local talent and enhance its production capabilities, as Cho noted. Currently, LG Electronics operates two manufacturing plants in India.