Hyundai Motor India's Record-Breaking IPO Soars Beyond Expectations

Hyundai Motor India Ltd successfully closed its much-anticipated IPO, surpassing expectations with full subscription on the third day. The offer, entirely a sale of shares by Hyundai Motor Company, set a record as India's largest IPO, surpassing LIC's previous record. The IPO is expected to improve HMIL's market visibility and brand image.

Hyundai Motor India Ltd's initial public offering has made waves by achieving full subscription within just three days of bidding. The IPO, valued at Rs 27,870 crore, translates to a remarkable 1.41 times the subscription of the shares on offer as of the latest NSE data.

The offering primarily attracted significant interest from Qualified Institutional Buyers, achieving nearly four times its segment's quota, while Retail Individual Investors and non-institutional investors showed more restrained interest. The automotive giant had initially secured Rs 8,315 crore from anchor investors.

This IPO is a milestone, becoming the largest in the country's history and surpassing the previous record set by LIC. Despite not receiving the proceeds directly, HMIL expects the transition to a publicly-listed entity will enhance its brand and liquidity.

(With inputs from agencies.)