Mumbai: The Hyundai Motor India initial public offering of (IPO) will open for subscription next week. The IPO will involve the sale of 14.22 crore existing shares by the promoter via OFS (offer for sale). Reuters reported that the price band for the IPO is likely to be in the range of Rs 1,865 to 1,960 per equity share. It is touted to be the country’s biggest stock offering this as the valuation of the automaker is around $19 billion.
Reports claimed that Hyundai Motor India IPO is set to make its debut next week, however, there is no official confirmation on this. JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, Citigroup Global Markets India Private Limited, and HSBC Securities & Capital Markets Pvt Ltd are the book running lead managers of the Hyundai Motor IPO. Kfin Technologies Limited is the registrar for the issue.
The IPO will be Hyundai’s first stock market listing outside South Korea. In India, the South Korean giant is the first car manufacturer to go public in two decades since Maruti Suzuki in 2003.
Hyundai Motor India IPO is expected to become India’s largest-ever IPO, surpassing the Rs 21,000-crore listing of insurance behemoth Life Insurance Corporation (LIC) in 2022.
Hyundai is India’s second largest automaker after Maruti Suzuki. The South Korean automobile major ‘will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5 per cent of its stake in the wholly owned unit to retail and other investors via a so-called “offer for sale” route’, Reuters reported. Hyundai said it will still hold 670 million shares in Hyundai Motor India after the IPO.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Hyundai Motor India IPO is likely to open next week for subscription. The price band is expected to be in the range of Rs 1,865 to 1,960 per equity share, reports stated. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
