LG Is Said to Add Axis to Arrange $1.5 Billion Mumbai Listing

LG Electronics Inc. has added Axis Capital Ltd. to a roster of banks arranging a potential initial public offering of its Indian unit, according to people familiar with the matter.

The South Korean company has selected the Indian bank as it moves forward with a share sale in Mumbai, the people said, asking not to be identified because the matter is private.

Representatives for LG Electronics and Axis Capital declined to comment.

LG had appointed banks including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley as arrangers for an IPO that may take ...