Mumbai: Securities and Exchange Board of India (Sebi) has given its nod to Hyundai Motor India for its initial public offering (IPO), Reuters reported. The South Korean automaker giant applied for an IPO to raise $3 billion at a roughly $20 billion valuation.
The Hyundai Motor IPO is poised to be India’s biggest ever issue. In 2022, $2.7 billion Life Insurance Corporation IPO got listed in 2022. The automobile maker had filed draft red herring prospectus (DRHP) with the market regulator targeting a valuation of around $18 billion-$20 billion. Hyundai India is yet to officially comment on the IPO news.
The automaker giant has been expanding its SUV lineup to remain a strong competition to rivals, such as Maruti Suzuki, Tata Motors and others. The news agency quoted sources saying that Hyundai is planning to launch its first India-made electric vehicle early 2025 and also launch at least two gasoline-powered models in 2026.
Hyundai has a big business in India and the country is the third-biggest revenue generator globally for the South Korean company. Hyundai has committed to pump in another $4 billion over the next decade.
Currently, Hyundai Motor has a network of 1,366 sales points and 1,550 service points across India. The car models include, CRETA, CRETA N Line, AURA, EXTER, VENUE, VENUE N Line, Grand i10 NIOS, i20, i20 N Line, VERNA, ALCAZAR, TUCSON and the all-electric SUV IONIQ 5.
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Hyundai Motor India Limited has got the green signal from Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
