 |
|
Hyundai Motor India, the second-largest carmaker in India, is set to launch its Initial Public Offering (IPO) on October 15, 2024. The IPO is expected to be a significant event for the Indian automotive market, with Hyundai aiming to raise up to $3 billion from the offering. Bidding for the shares will close on October 17, 2024.
The price band for the IPO has been set between Rs 1,865 and Rs 1,960 per equity share, with a face value of Rs 10. Investors will need to place a minimum bid of 7 shares, and any additional shares must be purchased in multiples of 7. A total of 142,194,700 shares will be available for sale, making this the largest IPO offering in India.
Hyundai India plans to utilize the proceeds from the IPO for research and development of new products and technologies, as well as for upgrading its manufacturing facilities in India. This investment is likely to fuel Hyundai's continued growth in the Indian market, where it currently holds around 15 percent market share. The company has a strong presence in the Indian automotive sector with a diverse product portfolio that includes popular models like the Exter, Grand i10, i20, Venue, Creta, Alcazar, Tucson, and the Ioniq 5 electric vehicle.
Hyundai Motor India is part of the Hyundai Motor Group, a global automotive giant that ranks as the third-largest automaker worldwide based on passenger vehicle sales in 2023. The shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The IPO is expected to generate considerable interest from investors, given Hyundai's strong brand recognition and its position in the Indian automotive market. The offering will provide investors with an opportunity to participate in the growth story of Hyundai India, a company that is strategically positioned to capitalize on the growing demand for vehicles in the Indian market.