E-Paper
Hyundai Motor files for IPO of almost $3 billion, likely India's biggest
Hyundai Motor India's IPO could be one of the biggest IPOs on record in India, following Life Insurance Corp. of India’s $2.5 billion issue in 2022.
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.
Read more: Bajaj Housing Finance' ₹7,000 crore IPO to be launched soon, DRHP filed: Key things to know
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.
Read more: Hyundai Motor IPO: What we know so far about issue which may be India’s biggest
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.”
Read more: Ixigo IPO allotment finalised: Step-by-step guide on how to check status online
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.
