Hyundai Motor India's Record-Breaking IPO Takes Off
Hyundai Motor India Ltd's IPO received 18% subscription on its first day. Raising Rs 27,870 crore, it surpasses LIC’s landmark IPO. The entirety of the share sale is an OFS by Hyundai Motor Company. It's the largest IPO in India, enhancing HMIL's market visibility and brand image.
- Country:
- India
Hyundai Motor India Ltd's landmark IPO opened with an 18% subscription rate on the first day, emerging as the country's largest IPO by surpassing LIC's previous record. The Rs 27,870 crore initial share sale witnessed bids for 1.77 million shares compared to the nearly 10 million shares offered.
Retail investors led the demand with 26% subscription, followed by 13% from non-institutional investors, and a 5% subscription from qualified institutional buyers. Preceding the public offering, Hyundai managed to raise Rs 8,315 crore from anchor investors, reflecting significant market interest.
This IPO, priced between Rs 1,865 and Rs 1,960 per share, is Hyundai's first in over 20 years, marking a strategic move to enhance its market presence and liquidity. Managed by a consortium of financial giants, the IPO remains open until October 17. Notably, it is entirely an offer for sale by the Korean parent company, meaning no proceeds will directly benefit Hyundai Motor India Ltd.
(With inputs from agencies.)
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