South Korean automaker Hyundai Motor's Indian arm filed preliminary papers with Sebi for its initial public offering (IPO) in which the company will sell 142.2 million shares, as per a draft red herring prospectus. Advisors for the share sale include Citigroup Inc., Kotak Mahindra Bank, JP Morgan Chase & Co, HSBC Holdings Plc and Morgan Stanley.
The logo of Hyundai Motor is seen on a car displayed at a Hyundai dealership in Seoul. (Reuters)
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Through the IPO, the automaker is seeking to raise around $3 billion in the IPO, with a potential listing planned by the end of the year, Bloomberg reported citing people in the know. This would make it one of the biggest IPOs on record in India, following Life Insurance Corp. of India’s $2.5 billion issue in 2022.
The DHRP read as per Moneycontrol, “The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 Equity Shares of the face value of ₹10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges. Further, our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India.”
In FY24, Hyundai Motor India Limited is India's second largest carmaker after Maruti Suzuki in terms of passenger sales volumes. The India unit ended FY23 with revenue of ₹60,000 crore and profits of ₹4,653 crore. This was highest amongst the non-listed car manufacturers in the country.
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In FY24, Hyundai Motor India Limited is India's second largest carmaker after Maruti Suzuki in terms of passenger sales volumes. The India unit ended FY23 with revenue of ₹60,000 crore and profits of ₹4,653 crore. This was highest amongst the non-listed car manufacturers in the country.
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Home/Business/Hyundai Motor files for IPO of almost $3 billion, likely India's biggest
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