New Delhi: Hyundai Motor India IPO opened on Tuesday, October 15, 2024, to a mixed response on the market. The IPO of the Indian arm of South Korean automobile giant Hyundai was subscribed by 18 per cent on day 1 of the subscription period.
The Rs 27,870 crore IPO comprises entirely an offer for sale of Hyundai’s stake in its Indian arm. The automaker received bids for 1,77,89,457 shares out of the 9,97,69,810 shares on offer, according to NSE data. While retail investors subscribed 26 per cent of the IPO, non-institutional investors (NII)s subscribed 13 per cent of the IPO share in offer, with the rest snapped up by qualified institutional buyers, equalling a 5 per cent subscription. Anchor investors purchased shares worth Rs 8,315 crore of Hyundai Motor India.
How Hyundai is India’s largest IPO
Hyundai Motor India’s IPO is India’s largest till date with over Rs 27,000 crore worth of shares on sale compared to an initial share sale of Rs 21,000 crore by LIC. Hyundai Motor India fixed the IPO price band at Rs 1,865-1,960 apiece. The IPO which opened on October 15, 2024, and closes on October 17, 2024.
The last major carmaker IPO was that of Japanese automaker Maruti Suzuki in 2003. Proceeds from the IPO will not be accrued to Hyundai Motor India. The carmaker aims to HMIL heighten its visibility and brand image, according to a statement by India’s second largest carmaker.
Bookrunning lead managers on the IPO include the following entities:
Kotak Mahindra Capital Company
Citigroup Global Markets India
HSBC Securities and Capital Markets (India)
J P Morgan India Private
Morgan Stanley India Company
Hyundai Motor India GMP
Hyundai Motor India’s IPO GMP stood at Rs 35 apiece as of October 15, 2024, according to Investorgain.com. This pegged the company’s potential listing price at Rs 1,995 apiece.
(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: Check GMP, subscription status and key dates of India’s largest ever IPO. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
