Wed Oct 09 04:22:57 UTC 2024: ## Hyundai India IPO to kickstart on October 14th, aiming to break LIC’s record
**New Delhi, October 8, 2024:** Hyundai Motor India is set to launch its initial public offering (IPO) on October 14th, with qualified institutional buyers (QIBs) being the first to bid for shares. Retail investors will be able to participate from October 15th to 17th.
The company is reportedly targeting a price band of ₹1,865 to ₹1,960 per share. This IPO, valued at approximately $1.9 billion (₹1.6 lakh crore), could potentially dethrone LIC’s current record of ₹21,000 crore raised in 2022. Hyundai aims to raise $300 million (approximately ₹25,000 crore) through this IPO.
This marks the first time a car manufacturer has launched an IPO in India after Maruti’s IPO in 2003. Hyundai is offering 17.5% of its Indian subsidiary through this IPO, with no new shares issued. The offer will be an Offer For Sale (OFS) where existing shareholders will sell a certain number of shares. Hyundai is looking to sell 14.21 crore shares, which could potentially raise ₹27,870 crore at ₹1,960 per share.
The IPO is expected to list on October 22nd.
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