LG India’s $1.3 Billion IPO Subscribed 54 Times on Final Day (1)

LG Electronics Inc.’s $1.3 billion initial public offering of its Indian unit was subscribed 54 times on the final day of book building, making it India’s second most heavily bid billion-dollar-plus issue.

Qualified institutional buyers led the charge, bidding 167 times their alloted book, according to exchange data. The non-institutional investors’ segment was subscribed 22 times, retail investors portion 3.6 times, and employees quota 7.6 times.

Reliance Power Ltd.’s 117 billion rupees IPO in 2008 still holds the record for the most subscribed billion dollar-plus issue, drawing bids for 73 times the shares for sale.

The offer involves the ...