 "Hyundai")
Hyundai is India’s second-largest carmaker after Maruti and is seeking to regain market share from domestic rivals by expanding its SUV range | (Photo: Shutterstock)
Hyundai Motor India’s IPO will open for subscriptions next week and is likely to be priced between Rs 1,865 and 1,960 ($22-$23) per share, sources said on Tuesday, valuing the automaker at 19 billion dollars in the nation’s largest stock offering. This year.
The India IPO will be Hyundai’s first IPO outside South Korea. In India, it will also be the first automaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets hit record highs and saw many companies make their debuts.
The $3 billion IPO will open for subscriptions from large institutional investors on Oct. 14 and for bidding from retail and other categories from Oct. 15-17, three sources with knowledge said. direct, who declined to be named because the discussions are confidential.
At the upper end of the price range, the company will be valued at around $19 billion, the sources said, adding that the stock is expected to start trading in Mumbai on October 22.
Hyundai did not immediately respond to Reuters’ questions.
Hyundai is India’s second-largest carmaker after Maruti and is seeking to regain market share from domestic rivals by expanding its SUV range.
It also plans to launch its first made-in-India electric vehicle early next year and introduce at least two gasoline models suitable for the market from 2026.
Hyundai will not issue new shares in the IPO, which will involve its South Korean parent selling up to 17.5% of its stake in the wholly-owned unit to individuals and d other investors via a so-called “offer to sell” route.
The South Korean automaker said on Tuesday it will still hold 670 million shares of Hyundai Motor India, or an 82.5% stake, after the IPO.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 8, 2024 | 2:36 p.m. STI
