Tue Oct 08 18:20:41 UTC 2024: ## Hyundai India Set to Launch India’s Largest IPO, Valued at Rs 27,870 Crore
**New Delhi, India** – Hyundai Motor India Ltd. is set to launch India’s largest initial public offering (IPO) on October 15, 2024, with the anchor portion opening for subscription on October 14. The IPO is expected to list on October 22.
This three-day IPO will see the South Korean parent company, Hyundai Motor Co., offer 14.2 crore shares, representing a 17.5% stake in Hyundai India. The price band has been set between Rs 1,865-1,960, with bids being accepted in lots of seven shares. At this price, the IPO is expected to be valued at a whopping Rs 27,870 crore, surpassing the previous record set by LIC.
The Securities and Exchange Board of India (SEBI) approved the draft red-herring prospectus last week and the red herring prospectus has now been published.
Hyundai Motor Co., which entered the Indian market in 1998 with the Santro, is currently the second-largest carmaker in India with a 15% market share. It remains the only foreign carmaker in a competitive market dominated by Maruti Suzuki India Ltd.
This IPO will mark Hyundai India’s debut on the Indian stock market and will make it the first carmaker to be listed since Maruti Udyog Ltd. in 2003. A successful listing would value Hyundai India at half of its parent company’s $47 billion market capitalization in Seoul.
Nomura has suggested that Hyundai Motor India Ltd. deserves a valuation premium over Maruti Suzuki India Ltd., citing the current market dynamics, particularly Maruti’s declining market share.
With nearly one in four Hyundai cars sold in India, the company has consistently recorded sales of 60,000 units per month, barring the past few months due to the industry slowdown.
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