Hyundai India IPO: Revving up Indian Stock Market

Hyundai Motor India's $3.3-billion IPO was fully subscribed on its final day, marking its debut as India's largest and the world's second-largest IPO in 2024. Institutional investors led subscriptions, with foreign and domestic players buying 3.13 times the shares reserved for them.

On Thursday, Hyundai Motor India's monumental $3.3-billion initial public offering (IPO) marked a significant milestone with full subscription as domestic banks and mutual funds rallied. This event underscores a rejuvenation in the Indian equities market, as Hyundai becomes the first automaker to list in two decades.

Despite a temporary slack from retail investors, who filled only 44% of their allocated shares, qualified institutional buyers, including foreign investors, infused momentum with bids amounting to 3.13 times their reserved 28.3 million shares. This significant participation has positioned it as India's largest IPO and the year's second-largest globally.

Hyundai India aims for a $19-billion valuation, tying up closely with its IPO price band. The company's shares are scheduled to debut on the market on October 22, ready to steer the course for future public listings in India.

(With inputs from agencies.)