The Indian unit of LG Electronics will raise up to Rs 11,605 crore in an offer for sale that will open on October 7, it said on Wednesday.

The initial public offering (IPO) , which will close on October 9 (for retail investors ), will see the Indian subsidiary offer as many as 101.8 million shares in a price band of Rs 1,080-1,140 apiece. For anchor investors, the IPO will open a day earlier on October 6, it said.

At the current price band, the company’s valuation will be Rs 77,500 crore, or about $8.7 billion. This is the second IPO by a South Korean major after Hyundai Motor India last year and will be keenly tracked by most stakeholders. There is no fresh issue component in the IPO and the entire proceeds will be repatriated by the parent.

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