Hyundai Motor IPO will open for subscription from October 15 to October 17, with a price band set between Rs 1,865 and Rs 1,960 per share. The company aims to raise between Rs 26,505 crore and Rs 27,856 crore through the sale of up to 14.2 crore equity shares via an offer for sale (OFS). This values the automaker at around Rs 1.6 lakh crore, making it the largest IPO in India this year.
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Of the total offer, 50% is reserved for qualified institutional buyers (QIBs), 35% is allocated to retail investors, and 15% is set aside for non-institutional investors. Employees have been offered up to 7,78,400 shares at a discounted price of Rs 186 per share, valued between Rs 131 and Rs 138 crore. Anchor investors will be able to place their bids on October 14, a day before the IPO opens to the public.
Hyundai Motor India’s IPO marks the first public listing of an automaker in 20 years, the last being Maruti Suzuki in 2003. This move comes amid a bullish phase in the Indian stock market, with several companies opting for market debuts.
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Kotak Mahindra Capital, Citigroup, HSBC, JP Morgan, and Morgan Stanley are managing the IPO, while KFin Technologies serves as the registrar.
Hyundai Motor India, the country’s second-largest carmaker by passenger sales after Maruti Suzuki, posted revenues of Rs 60,000 crore and profits of Rs 4,653 crore for FY23.
