The initial public offering (IPO) of Hyundai Motor India Ltd has gotten fully subscribed on the third day of bidding on Thursday, October 17, 2024, according to a PTI report. This is India's largest IPO so far, surpassing LIC's ₹21,000 crore IPO.
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The ₹27,870 crore initial share sale got bids for 14,07,68,187 shares as against the 9,97,69,810 shares on offer, according to the report which cited NSE data till 1:21 pm IST.
This is a 1.41 times oversubscription.
Meanwhile, the quota for Qualified Institutional Buyers (QIBs) got 3.88 times oversubscribed, while the portion for retail investors received only 44% subscription.
On Monday, the company raised ₹8,315 crore from anchor investors.
What are the details of Hyundai India and its IPO?
Hyundai India's IPO is entirely an offer for sale (OFS) of 14,21,94,700 equity shares without a fresh issue component, and has a price band of ₹1,865-1,960 per share. Its market valuation is estimated to be around ₹1.6 lakh crore or about $19 billion after the issue.
{{/usCountry}}Hyundai India's IPO is entirely an offer for sale (OFS) of 14,21,94,700 equity shares without a fresh issue component, and has a price band of ₹1,865-1,960 per share. Its market valuation is estimated to be around ₹1.6 lakh crore or about $19 billion after the issue.
{{/usCountry}}Though the company wouldn't be taking any proceeds from the IPO, it stated that the listing of its shares can enhance its visibility and brand image, and also create a public market for its shares.
This is also the first automaker IPO in more than two decades after Maruti Suzuki's 203 listing. For context, Hyundai is also India's second-largest automaker with Maruti Suzuki being the largest.
Hyundai started its India operations in 1996. Now, it has 13 models across various segments.
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