LG Electronics' Indian unit seeks valuation of $8.7 billion in IPO

(Reuters) -LG Electronics India is seeking a valuation of up to 774 billion rupees ($8.71 billion) in its long-delayed initial public offering, tapping into a bustling IPO market with one of India's largest offerings so far this year. The appliance maker set a price band of 1,080-1,140 rupees per share, a public filing showed on Wednesday. The three-day share sale opens for bidding on October 7. Large anchor investors will be able to place bids on October 6. The IPO will raise up to 116 billion rupees at the top of the price range for its Korean parent LG Electronics Inc , which is offloading a 15% stake in the company. LG Electronics India is not issuing new shares in the offering. Having initially filed for an IPO last December, LG Electronics had sought a listing by May, but delayed the share sale, citing market volatility. October is a busy month for IPOs in India, with non-bank lender Tata Capital's $1.75 billion issue — the country's largest this year — and shared office space provider WeWork's offering scheduled to run around the same time. ($1 = 88.8310 Indian rupees) (Reporting by Nandan Mandayam in Bengaluru, Chris Thomas in Mexico City; Editing by Janane Venkatraman, Shailesh Kuber and Alan Barona)

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