LG Electronics India has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) for a public issue that is expected to be worth more than Rs 15,000 crore.

This move, which was first reported by Moneycontrol, is predicted to raise around $1.8 billion or Rs 15,237 crore through an Offer for Sale of up to 10.18 crore equity shares with a face value of Rs 10.

LG Electronics India will not receive any proceeds from the IPO. The IPO is expected to be one of the largest in the country, joining the ranks of Hyundai Motor India, LIC, Paytm, and Coal India.

The lead managers for this significant issue include Morgan Stanley, JPMorgan, Axis Capital, BofA Securities, and Citi, which highlights the importance of this capital market endeavor.