KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
LG Electronics India’s long-awaited US$1.3 billion (RM5.5 billion) initial public offering drew strong demand, with the issue fully subscribed within hours of launch on Tuesday — reflecting solid investor confidence in India’s fast-growing consumer appliance market.
At the upper end of its price band, the IPO values the company at US$8.7 billion, positioning it among India’s largest listings this year. The offering saw total bids of ₹84.9 billion, or 1.04 times covered, on the first day of its three-day subscription period.
Breakdown of Subscription
Non-institutional investors: 2.3x subscribed
Retail investors: 81% subscribed
Institutional investors: 49% subscribed (as of 4:51pm IST)
The IPO closes Thursday (Oct 9), with trading expected to commence Oct 14.
Market Context
The listing comes amid a busy IPO season in India, with total 2025 fundraising projected to reach US$8 billion. Recent reforms in India’s goods and services tax (GST), including duty cuts on high-value appliances, have bolstered sentiment for consumer durables.
LG India plans to expand aggressively across smaller cities and towns, focusing on refrigeration and home appliances — a segment still under-penetrated compared to mature markets like the U.S. and China.
Industry Snapshot
India’s home appliance market: US$38.2 billion (2024)
Expected CAGR: 12% through 2029 (RedSeer Consulting)
Key competitors: Samsung, Whirlpool
Refrigerators remain LG’s top revenue driver (35% of total sales)
Anchor investors, including BlackRock, GIC, and Norway’s sovereign wealth fund, committed roughly US$392 million ahead of the launch — signaling strong institutional interest.
Investor Takeaway
LG Electronics India’s IPO debut underscores robust foreign and domestic demand for India’s consumption story. With sector tailwinds from GST reforms, urbanisation, and rising disposable income, the stock could see upside momentum upon listing if market sentiment remains supportive.
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