Mumbai, Oct 15
The initial public offering (IPO) of Hyundai Motor India opened for retail investors on Tuesday. The company aims to raise up to Rs 27,870 crore, making it the largest-ever IPO of the Indian equity market since 2022, when Life Insurance Corporation of India (LIC) raised Rs 21,000 crore.
Open till October 17, the IPO price band has been fixed at Rs 1,865 to Rs 1,960 per share. One lot of Hyundai Motor India's IPO has seven shares.
After the subscription window closes, the share allotment is expected to be finalised on October 18. The shares will be credited to demat accounts on October 21. Hyundai Motor India shares are likely to debut on stock exchanges on October 22.
The maiden share sale will be a pure offer for sale (OFS). It is the first offer from an automaker to list in India in over two decades and the entire proceeds will go to the promoter.
Hyundai Motor India raised approximately Rs 8,315 crore from anchor investors on Monday, ahead of its IPO. The company allotted 4.24 crore shares at Rs 1,960 apiece to 225 anchor investors, according to the company statement.
Hyundai Motor India held 14.6 per cent market share in the domestic passenger vehicle (PV) market in Q1 FY25, second to Maruti Suzuki which has 41 per cent share in this category. However, Hyundai is the market leader by volume in the mid-size SUV segment with around 38 per cent share as on June’24. It is also India’s second-largest exporter of PV from April’21 through June’24.