By Julia Fioretti, Baiju Kalesh and Manuel Baigorri
BlackRock Inc., Singapore sovereign wealth fund GIC Pte and Capital Group are among those that have made offers for shares in Hyundai Motor India Ltd.’s IPO. of $3.3 billion, according to sources familiar with the matter.
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Baillie Gifford and FMR are also considering participating in the record bid in Mumbai, the sources said, asking not to be identified as the information is not public.
The so-called anchor book of the IPO, expected to be India’s largest ever, has been fully allocated, with half going to domestic institutions and the other half to international investors, the sources said . The lead investor portion includes up to 42.4 million shares, according to the prospectus.
Representatives for Hyundai, BlackRock, Capital Group, GIC, Baillie Gifford and FMR declined to comment.
The price range for the IPO of Hyundai Motor Co.’s Indian unit was set Wednesday at 1,865 rupees ($22.21) to 1,960 rupees per share, with the parent company selling as much as 142 .2 million shares, or a 17.5% stake. At the high end, Hyundai Motor India is valued at around $19 billion.
The listing of India’s second-largest automaker by sales is expected to break the record set by Life Insurance Corp. of India, which raised $2.7 billion in 2022. It would also be one of Asia’s largest IPOs in recent years.
Investor enthusiasm for India’s growth and high valuations has encouraged a record number of companies to go public, making the country the most active IPO market in the world. More than $9 billion has been raised through more than 250 IPOs this year, with other major IPOs on the way, including Indian food delivery platform Swiggy Ltd.
The main books of Hyundai Motor India’s IPO will open next week and the shares are expected to start trading on October 22.
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First publication: October 11, 2024 | 11:28 p.m. STI
