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Hyundai Motor India, the renowned automotive giant, is set to make its debut on the Indian stock market with its highly anticipated Initial Public Offering (IPO). The IPO is scheduled to open on October 15th, 2023, with a price band of ₹1,865 to ₹1,960 per share. This signifies a significant milestone for Hyundai in India, marking its entry into the public market and allowing investors to participate in its growth story.
The IPO is expected to raise a substantial ₹20,000 crore (approximately $2.4 billion), making it one of the largest IPOs in recent times. The company aims to utilize the funds raised through the IPO for various strategic purposes, including strengthening its manufacturing operations, expanding its dealer network, and investing in new technologies. This move is expected to further enhance Hyundai's presence in the Indian automotive market.
Hyundai's decision to go public comes at a time when the Indian stock market is experiencing a surge in IPO activity. With a strong brand reputation, a robust market share, and a history of successful operations in India, Hyundai is poised to attract significant interest from investors. The IPO is likely to be oversubscribed, considering the high demand for automotive stocks and the company's strong brand appeal.
Source: Hyundai Motor India IPO: Issue likely to open on October 15; price band set at ₹1,865-₹1,960