Hyundai Motor India is set to launch its initial public offering (IPO) next week, with shares likely to be priced between 1,865 to 1,960 rupees ($22 to $23) per share, according to sources. The offering is expected to value the company at up to $19 billion, making it the largest stock market listing in India this year.
The IPO marks Hyundai’s first listing outside South Korea and will be the first carmaker to go public in India in two decades, following Maruti Suzuki’s 2003 IPO. The timing coincides with Indian stock markets hitting record highs, encouraging a wave of new listings.
The $3 billion offering will open for institutional investors on October 14, with retail investors invited to bid between October 15 and 17. At the top of the price band, Hyundai Motor India is expected to begin trading in Mumbai on October 22. The IPO will not involve the issuance of new shares; instead, Hyundai’s South Korean parent company will sell up to 17.5% of its stake via an “offer for sale” route, retaining 82.5% ownership post-IPO.
As India’s second-largest automaker, Hyundai is aiming to expand its SUV lineup and regain market share. The company also plans to introduce its first India-made electric vehicle in 2024 and launch two gasoline-powered models by 2026, tailored to the local market.
Source: Reuters
