Hyundai Motor India's record ₹27,870 crore IPO gets fully subscribed, mostly by qualified institutional buyers: Report

The quota for Qualified Institutional Buyers (QIBs) got 3.88 times oversubscribed, while the portion for retail investors received only 44% subscription

Published on: Oct 17, 2024, 15:05:48 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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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.

Signage at a Hyundai Motor India Ltd. dealership in New Delhi, India, on Wednesday, Oct. 16, 2024. (Anindito Mukherjee/Bloomberg)

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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.

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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.

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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HT News Desk
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