Hyundai Motor's Indian subsidiary began offering shares to institutional investors starting on Monday. The shares of Hyundai Motor's Indian subsidiary will begin trading in Mumbai on Oct. 22, and individual investors can subscribe from Tuesday to Thursday.
This IPO marks the first instance of Hyundai Motor being listed in markets outside of South Korea. The public offering price has been set at 1,865 rupees (US$22.19) to 1,960 rupees. Due to high demand, the offering price is expected to be set at the upper end of this range. The final offering price will be confirmed after the subscription process is completed.
Hyundai Motor's Indian subsidiary is expected to raise up to $3.3 billion. The parent company, Hyundai Motor, will dispose of 17.5 percent of its stake in the Indian subsidiary through a sale of existing shares without issuing new ones.
The IPO of Hyundai Motor's Indian subsidiary is expected to be the largest ever recorded on the Indian stock market. The current record is held by the Life Insurance Corporation of India, which raised $2.5 billion in 2022.
Major players in the investment world have eagerly participated in this subscription. Hyundai Motor's Indian subsidiary sold shares worth $989.4 million to institutional investors, of which the Singapore government and BlackRock acquired shares worth $77.3 million, and Fidelity purchased $76.5 million worth of shares.
reporter
Kim Joo-heon
jhkim123@ajunews.com
