Hyundai Motor India's Historic IPO Breaks Records

Hyundai Motor India Ltd's IPO, valued at Rs 27,870 crore, made history with 18% first-day subscriptions. This OFS by promoter Hyundai Motor Company surpasses LIC’s previous record. The IPO offers liquidity and brand visibility but provides no direct financial gain to HMIL. Retail investors showed strong interest, subscribing 26%.

Hyundai Motor India Ltd's much-anticipated initial public offering (IPO) began on a high note, receiving an 18% subscription on its opening day.

The massive Rs 27,870 crore share sale, surpassing Life Insurance Corporation's previous record, drew bids for 1,77,89,457 shares against the 9,97,69,810 available, according to the NSE.

Despite the spirited interest, with retail investors subscribing to 26%, the IPO proceeds will not directly benefit Hyundai Motor India Ltd, as the offering is solely an offer for sale by Hyundai's South Korean parent company.

(With inputs from agencies.)