Local money fuels India’s IPO boom

SIX and a half hours. That’s all it took for LG Electronics India Ltd’s US$1.3bil initial public offering (IPO) to be fully sold on Oct 7, marking the fastest take-up in 17 years among major Indian IPOs.

It is offerings like LG’s, the nation’s third biggest for this year, that have made India one of the world’s hottest IPO venues, with total proceeds hurtling toward last year’s record tally of US$21bil.