‘Namaste…’: LG Electronics India MD Hong Ju Jeon’s Hindi speech wins applause; stock makes record debut with 50% premium

LG Electronics India made a striking debut on the National Stock Exchange (NSE) and BSE on Tuesday, but it was managing director Hong Ju Jeon’s decision to deliver his entire speech in Hindi that stole the spotlight.Jeon, who took charge as MD of LG Electronics India in January 2023, surprised investors and guests at the listing ceremony by addressing the audience in Hindi instead of English or Korean. His speech drew applause and went viral on social media."Namaste, maananeey atithi gan, vishesh roop se NSE ke CEO Shri Ashish Chauhan ji, is aitihaasik avsar par LG Electronics ke saath shaamil hone ke liye aapka haardik dhanyavaad. Yah IPO, LG ke liye keval ek vitteey uplabdhi nahin hai..." he said.

Stellar listing despite market dipShares of LG Electronics India Ltd surged as much as 52.3 per cent during intraday trade before settling with a premium of over 48 per cent against the issue price of Rs 1,140.The stock listed at Rs 1,715 on the BSE — up 50.4 per cent — and at Rs 1,710.10 on the NSE, reflecting strong investor appetite. It ended the day at Rs 1,689.40 on the BSE and Rs 1,689.90 on the NSE.

With this, LG India’s market capitalisation stood at Rs 1.15 lakh crore ($13.07 billion), surpassing that of its South Korean parent, valued at nearly Rs 8,800 crore ($10 billion). The listing marked India’s most sought-after IPO since 2008.The upbeat debut came despite a weak broader market, with the Sensex falling 297.07 points (0.36 per cent) to 82,029.98 and the Nifty slipping 81.85 points (0.32 per cent) to 25,145.50.In volume terms, 78.56 lakh shares of the firm changed hands on the BSE, while 687.94 lakh shares were traded on the NSE.Established in 1997, LG Electronics India operates across consumer electronics, home appliances, HVAC, and IT hardware, with manufacturing facilities in Greater Noida and Ranjangaon, Pune.Before leading LG India, Jeon held key roles in Iraq, Jordan, Lebanon, and Syria. At the time of his appointment, he had said, “India is a growing economy and is an interesting market with vast demographics. We aim to further strengthen our consumer base by introducing product portfolios developed on the basis of consumer insights.”