By: ABP News Bureau | Updated at : 27 May 2024 06:50 PM (IST)
International Financing Review reported earlier Monday that Hyundai Motor India plans to file for the IPO in June. ( Image Source : Getty )
Hyundai Motor IPO: The automobile firm has engaged Kotak Mahindra Bank Ltd. and Morgan Stanley as advisers for a potential initial public offering (IPO) of its Indian subsidiary, according to sources familiar with the matter told news agency Bloomberg. This IPO could be among the largest listings ever in India, as per Bloomberg.
The new advisers join an already robust line-up, including Citigroup Inc., HSBC Holdings Plc, and JPMorgan Chase & Co., on the IPO project. Bloomberg News has reported that the offering could generate around $2.5 billion for Hyundai Motor India Ltd., the country’s second-largest car manufacturer.
Representatives from Morgan Stanley declined to comment, while Hyundai and Kotak did not respond to Bloomberg’s requests for comments.
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International Financing Review (IFR) reported earlier on Monday that Hyundai Motor India plans to file for the IPO in June. The report, citing unnamed insiders, also mentioned that the IPO could raise as much as $3 billion. An offering of this magnitude would be comparable to the Life Insurance Corp. of India's 2022 IPO, which raised approximately Rs 20,600 crore ($2.5 billion).
Despite the current line-up of advisers, sources indicated that changes could still occur, and no final decisions have been made regarding the IPO’s size and timing. Should the IPO proceed, Hyundai plans to use the proceeds to expand its operations in India, as previously reported by Bloomberg.
This development comes amidst a significant upswing in the Indian stock market. The BSE Sensex index has surged about 20 per cent over the past seven months, reaching record highs. However, market volatility has been increasing due to the impending national elections, with the volatility gauge hitting a two-year peak on Monday.
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