Hyundai Motor India is all set to open its maiden offering for the public in the coming week. The company’s initial public offering (IPO) worth Rs 27,870 crore will be the largest stock market seen in the Indian market so far.
The company will start accepting bids for its maiden offer on October 15 and the issue will conclude on October 17, 2024. Anchor investors will be allowed to place bids for the issue on October 14, the issue’s draft red herring prospectus (DRHP) revealed.
The issue has been priced in the range of Rs 1,865 to Rs 1,960 per share, bringing the automaker’s valuation at Rs 1.6 lakh crore. The IPO is a complete offer-for-sale (OFS) of up to 142,197,700 equity shares and is being offered by Hyundai Motor Company, the selling shareholder. The issue will be the biggest ever seen in the country and will surpass Life Insurance Corporation of India (LIC) who made a debut with an IPO worth Rs 21,000 crore in May 2022.
Elaborating on the issue, Hyundai Motor India Ltd COO Tarun Garg in a conversation with PTI said, “We have been in India now for more than 26 years. We have a very high market share. We are at number two position in India in the passenger vehicle space. We have got so much love and affection from the people of India. So we believe this is the right time to take one step forward and even further Indianise our operations.”
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Explaining why the company opted to make its public debut in India and not oher countries, the executive credited the development to the Indian economy. He said, “If you see India as a country, it is really doing very well. The GDP is very good, much higher than the global GDP growth rates. In the last three to four years, India has emerged as a very good destination for all the major players and the pace of growth even further accelerated.”
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