Tue Oct 08 15:10:39 UTC 2024: ## Hyundai India Set to Launch India’s Largest IPO, Aiming for Rs 27,870 Crore
**New Delhi, October 13, 2023:** Hyundai Motor India Ltd. is gearing up for a historic IPO, poised to become India’s largest public offering. The three-day offering, commencing on October 15, will see the South Korean parent company, Hyundai Motor Co., offloading a 17.5% stake in the Indian subsidiary through a pure offer-for-sale.
While the price band hasn’t been officially announced yet, Bloomberg reports a potential range of Rs 1,865-1,960 per share. This would translate to a whopping Rs 27,870 crore, surpassing the record set by LIC a few years ago.
Hyundai Motor Co., which entered India in 1998 with the popular Santro model, has become the second-largest car manufacturer in the country, holding a 15% market share. The company remains the sole foreign player standing strong in a fiercely competitive market dominated by Maruti Suzuki India Ltd.
The IPO marks a significant milestone for Hyundai, making it the first carmaker to list on the Indian stock exchange since Maruti Udyog Ltd. in 2003. A successful listing could potentially value Hyundai India at half its parent’s $47 billion market capitalization in Seoul.
Analysts, like Nomura, believe Hyundai India deserves a premium valuation compared to Maruti Suzuki, citing the company’s strong market dynamics and Maruti’s declining market share. Nearly one-quarter of all Hyundai vehicles are sold in India, with consistent monthly sales averaging 60,000 units, even amidst recent industry slowdowns.
The anchor portion of the IPO will open for subscription on October 14, with the listing expected on October 22. The IPO is anticipated to generate considerable interest from investors, given the strong brand recognition and market presence of Hyundai in India.
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