Hyundai Motor India’s initial public offering (IPO) will open for subscription on October 15 and be available for bidding until October 17. The company has set a price band of Rs 1,865-1,960 per share.
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The IPO aims to raise between Rs 26,505 crore and Rs 27,856 crore through an offer for sale (OFS) of up to 14.2 crore equity shares with a face value of Rs 10 each, valuing the automaker at up to Rs 1.6 lakh crore in the country’s biggest stock offering this year.
About 50% of the offer is reserved for qualified institutional buyers (QIBs), 35% is allocated to retail investors, and 15% to non-institutional investors. Additionally, up to 7,78,400 equity shares, worth Rs 131-138 crore, are reserved for employees at a discount of Rs 186 per share. The anchor investor bidding will open for one day on October 14.
Hyundai Motor India the first automaker
This IPO will make Hyundai Motor India the first automaker to go public in two decades, following Maruti Suzuki’s listing in 2003. It comes at a time when Indian stock markets have hit record highs and several companies are making their stock market debuts.
Kotak Mahindra Capital, Citigroup Global, HSBC Securities, JP Morgan, and Morgan Stanley are the book-running lead managers to the issue, while KFin Technologies is the registrar to the offer.
The company is expected to finalize its IPO allotment by October 18, with the tentative listing date set for October 22. The equity shares are proposed to be listed on both the NSE and BSE.
Maruti Suzuki
In FY24, Hyundai Motor India Limited was India’s second-largest carmaker after Maruti Suzuki in terms of passenger sales volumes. The Indian unit ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore, the highest among non-listed car manufacturers in the country.
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