Hyundai Motor India Ltd and Swiggy Secure Sebi Nod for Mega IPOs
Hyundai Motor India Ltd and Swiggy have received Sebi's approval to launch IPOs. Hyundai aims to raise USD 3 billion, making it the largest IPO in India, while Swiggy targets Rs 10,000 crore. This marks a significant milestone with Hyundai’s being the first automaker IPO in over two decades.
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Hyundai Motor India Ltd and Swiggy have received approval from the Securities and Exchange Board of India (Sebi) to launch initial public offerings (IPOs), sources confirmed on Wednesday.
Hyundai Motor India aims to raise USD 3 billion (about Rs 25,000 crore) through its IPO, potentially making it the largest in India's history, surpassing the Rs 21,000 crore raised by LIC. Swiggy, on the other hand, plans to raise over Rs 10,000 crore.
This milestone is especially significant for Hyundai as it is the first automotive IPO in India in over two decades. The South Korean company will dilute its stake via an Offer-for-Sale (OFS), while Swiggy will also feature a combination of fresh equity shares and an OFS component in its listing.
(With inputs from agencies.)
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