Hyundai's Groundbreaking IPO: India's Largest Yet
Hyundai Motor India Ltd is set to launch India's largest IPO to date, aiming to raise approximately USD 3.3 billion. The offering surpasses LIC's May 2022 IPO. It involves an Offer-for-Sale of shares by promoter Hyundai Motor Company, aiming to enhance market visibility and brand image.
- Country:
- India
Hyundai Motor India Ltd, the Indian subsidiary of the South Korean automaker, is poised to make history with the country's largest initial public offering (IPO) next week. The company is targeting a raise of Rs 27,870 crore, which equates to roughly USD 3.3 billion, surpassing the previous record set by Life Insurance Corporation of India in May 2022.
This IPO marks a significant moment for Hyundai Motor India, as it seeks to strengthen its market presence and capitalize on the growing demand for its vehicles in India. Analysts expect the listing to attract considerable interest from investors, given the automaker's established market position.
Hyundai's IPO will be exclusively an Offer-for-Sale (OFS) of 142,194,700 equity shares by Hyundai Motor Company, without any new issuance of shares. Set within a price band of Rs 1,865 to Rs 1,960 per share, the automaker is valued at Rs 1.6 lakh crore. The public offering opens on October 15, concluding on October 17, with anchor investors ready to bid on October 14.
(With inputs from agencies.)
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