Tue Oct 08 14:52:58 UTC 2024: ## Hyundai Motor India IPO to Open Next Week, Aims to Raise $3 Billion
**New Delhi, October 8, 2023:** Hyundai Motor India’s much-anticipated initial public offering (IPO) is expected to open for subscription next week, with a price band of ₹1,865-1,960 per share. The $3 billion IPO will open for anchor investors on October 14, followed by retail and other categories on October 15-17, according to Reuters.
Sources suggest that the company’s valuation could reach approximately $19 billion at the upper price band, with the stock listing expected on October 22. Hyundai Motor, in a regulatory filing on Tuesday, announced that it will sell 142 million shares it holds in Hyundai Motor India as part of the IPO. This will leave the South Korean automaker with a 670 million share stake, representing 82.5% ownership in the Indian subsidiary.
The listing will mark Hyundai as the first car manufacturer to go public in India since Maruti Suzuki in 2003. The company filed for IPO approval with SEBI in June and received the green light on September 24. The IPO will be a complete Offer for Sale (OFS) of 1,421,947,000 shares, with no fresh issuance of shares.
Sources earlier indicated that Hyundai was aiming to raise at least $3 billion (roughly ₹25,000 crore) through the IPO.
Hyundai Motor India began operations in India in 1996 and currently sells 13 models across various segments. The company’s shares are trading at a premium of ₹280 in the grey market, though demand has been declining. According to Investorgain.com, the premium was ₹500 on September 28, indicating a cooling interest.
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