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Hyundai IPO: How are investors responding to India's biggest-ever issue?
Hyundai India's IPO saw a solid start, with 10% subscribed in two hours. Retail bids stood at 17%, while non-institutional investors accounted for 7%.
Hyundai Motor India's ₹27,870-crore initial public offering (IPO) witnessed a steady response on first day of subscription. Within two hours, the offer's 10% got subscribed- the retail portion was booked 17% with bids for 84 lakh shares as against 4.94 crore shares on offer while the non-institutional investors bid for 15 lakh shares compared to 2.12 crore shares on offer, representing 7% bids. As per data, employees placed 46% bids with 3.58 lakh shares subscribed as against 7.78 lakh shares on offer and Qualified Institutional Buyers (QIBs) are yet to subscribe to the IPO.
The IPO is entirely an offer-for-sale (OFS) of 14,21,94,700 equity shares by Korean promoter Hyundai Motor Company (HMC), with no fresh issue component.
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The IPO closes on October 17 and Hyundai Motor India mobilised ₹8,315.3 crore from 225 anchor investors on October 14. Government of Singapore, New World Fund Inc, Monetary Authority of Singapore, Fidelity, Government Pension Fund Global, and American Funds Insurance Series New World Fund invested ₹2,191.66 crore in the company.
Via anchor book, global investors such as Baillie Gifford, Vanguard, City of New York Group Trust, Moorea Fund, Blackrock, Aegon Investment Management, Schroder, Canada Pension Plan Investment Board, JP Morgan, Eastspring Investments, Goldman Sachs, Copthall Mauritius, Societe Generale, Morgan Stanley, Citigroup Global, Abu Dhabi Investment Authority, and HSBC Global also became shareholders.
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Among the mutual funds that participated in the anchor round were ICICI Prudential Mutual Fund (MF), HDFC MF, SBI MF, Nippon India MF, Kotak MF, Axis MF, Aditya Birla Sun Life MF, UTI MF and Bandhan MF.
