According to reports on Tuesday, the price of Hyundai Motor India’s initial public offering (IPO), which is the largest this year, is expected to be between 1,865 and 1,960 rupees ($22 and $23) per share. The IPO is scheduled to open for subscriptions next week.
Hyundai will list on a stock exchange outside of South Korea for the first time with the India IPO. It will also be the first automaker to go public in India in 20 years, following the 2003 launch of Maruti Suzuki. This comes shortly after Indian stock markets reached all-time highs and other companies debuted. According to three sources, the $3 billion IPO will accept bids from retail and other categories from October 15–17 and open for subscriptions for large institutional investors on October 14.
According to the reports, the business would be valued at approximately $19 billion at the upper end of the pricing range. The stock is scheduled to begin trading in Mumbai on October 22. Reuters’ questions were not immediately answered by Hyundai. By growing its SUV inventory, Hyundai, the country’s second-largest automaker after Maruti, hopes to regain market share from domestic competitors.
Additionally, it intends to debut its first electric car manufactured in India early in the upcoming year and, beginning in 2026, produce at least two market-specific gasoline-powered vehicles.
In the initial public offering (IPO), Hyundai will not issue new shares. Instead, its South Korean parent company would sell up to 17.5% of its ownership position in the fully owned entity to retail and other investors via so-called “offer for sale” route.
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