That said, in the gray market, the premium of unlisted shares of Hyundai Motor India saw a slight recovery on Wednesday. The company’s shares were trading at a premium of around Rs 67 to the upper limit of the IPO price of Rs 1,960, reflecting a gray market premium (GMP) of 3.42 per cent. Today’s GMP of Hyundai Motor’s IPO is higher than the Rs 45 recorded yesterday when the issue opened for subscription. However, the GMP is significantly lower than the Rs 147 recorded on October 9, when Hyundai Motor announced its price range, according to sources tracking gray market activities.
Hyundai Motor India’s IPO comprises entirely an offer for sale, with Hyundai Korea giving away 14,21,94,700 shares of face value of Rs 10 each. At the higher end of the price band, the company is looking to raise Rs 27,870.16 crore. The public issue of Hyundai Motor is available in a price band between Rs 1,865 and Rs 1,960, with a lot of 7 shares. Thus, investors can bid on a minimum of seven shares and in multiples thereof.
The subscription window for the Hyundai Motor IPO is expected to close on Thursday, October 17, 2024. Following the closure of the IPO subscription, the basis for allotment of Hyundai Motor India shares is expected to be finalized on Friday October 18, 2024. . The shares will be credited to demat accounts on Monday, October 21, 2024.
Shares of Hyundai Motor India are tentatively scheduled to debut on the BSE and NSE stock exchanges on Tuesday, October 22, 2024.
Should you subscribe to Hyundai Motor India IPO?
Brokerage firms including ICICI Direct, KRChoksey Research, SBI Securities and IDBI Capital have given Hyundai Motor’s IPO a ‘Subscribe’ rating. Additionally, Anand Rathi Research, LKP Securities, Arihant Capital and Aditya Birla Money have recommended subscribing to Hyundai Motor IPO for long term investment. LEARN MORE
First publication: October 16, 2024 | 12:23 p.m. STI
