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Hyundai Motor India has announced a share price of ₹1,960 for its upcoming initial public offering (IPO), aiming to raise approximately $3.3 billion. This pricing aligns with the upper end of the previously indicated range of ₹1,865 to ₹1,960, highlighting strong investor interest.
Largest IPO in India’s History
With a total of 142.2 million shares being offered, this IPO is set to become the largest in India by funds raised. The South Korean parent company, Hyundai Motor Corp, will sell about 17.5% of its wholly-owned Indian subsidiary, valuing it at around $19 billion. Following this share sale, Hyundai India is projected to represent about 40% of Hyundai Motor's total market capitalization.
Strong Demand from Investors
Initial reports indicate that anchor investors have already committed approximately $989 million in shares at the set price of ₹1,960. This significant backing underscores the confidence in Hyundai India's growth potential and the overall appeal of the Indian market.
Hyundai India has yet to issue new shares as part of the IPO, focusing solely on the sale of existing shares by its parent company. The company did not respond to requests for comments, keeping the details of the offering closely guarded.
As Hyundai Motor India gears up for its IPO, industry watchers are keenly anticipating its impact on the stock market and the broader automotive sector in India.
