Hyundai to Launch $3 Billion India IPO Next Week at 1,865-1,960 Rupees per Share
Hyundai Motor India's IPO opens next week at 1,865-1,960 rupees per share, aiming for a $19 billion valuation in India's largest stock offering this year
Hyundai Motor India is gearing up to launch its highly anticipated IPO, opening for subscriptions next week. The offering is expected to be priced between 1,865 to 1,960 rupees (approximately $22 to $23) per share, which would value the company at up to $19 billion. This IPO marks a significant milestone as it becomes the largest stock offering in India this year.
Historic Listing in India
This IPO will be Hyundai's first public listing outside of South Korea and will make it the first car manufacturer to go public in India in two decades, following Maruti Suzuki's debut in 2003. The timing coincides with Indian stock markets reaching record highs, setting a favorable backdrop for new companies to enter the market.
Key Dates and Valuation Details
The $3 billion IPO will open for institutional investors on October 14, followed by retail and other investor bidding from October 15-17. According to sources familiar with the matter, trading for Hyundai Motor India’s shares is set to commence in Mumbai on October 22. If priced at the upper end of the band, the automaker will be valued at around $19 billion.
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Hyundai's Market Strategy
Despite not issuing new shares, the IPO will involve the South Korean parent company selling up to 17.5% of its stake in the wholly owned subsidiary. Following the IPO, Hyundai's parent will retain an 82.5% stake, holding approximately 670 million shares.
As India's second-largest automaker after Maruti, Hyundai aims to regain market share from local competitors by expanding its SUV lineup. The company is also set to launch its first locally made electric vehicle in early 2025, alongside two new gasoline-powered models specifically designed for the Indian market, expected to debut in 2026.
Hyundai has yet to respond to inquiries regarding the IPO from media sources, maintaining a level of confidentiality around the offering.
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