LG Electronics’ $1.3 Billion India IPO Sold on First Day (2)

LG Electronics Inc.’s $1.3 billion initial share sale of its Indian unit was fully subscribed on the first day, in a rare feat for a mega issue in the country.

The demand is indicative of depth in India’s equity capital market, which remains among the busiest places globally for fund raising, and is potentially cruising toward yet another year of record share sales.

The South Korean giant’s offering of 71.3 million shares was subscribed 104% Tuesday, with most of the demand coming from a category marked for wealthy individual investors, while the portion reserved for employees was fully covered. ...