Tue Oct 08 19:01:24 UTC 2024: ## Hyundai to List on Indian Stock Market with $19 Billion Valuation Through Upcoming IPO
**Mumbai, October 10, 2023:** South Korean automaker Hyundai Motor India is set to make its debut on the Indian stock market next week with an initial public offering (IPO) expected to raise $3 billion. This will mark the first time Hyundai will be listed outside South Korea and the first car manufacturer to launch an IPO in India since Maruti Suzuki in 2003.
Sources revealed that the IPO will open for institutional investors on October 14th, followed by retail and other categories from October 15th to 17th. The company is expected to be valued at around $19 billion based on the upper price band, with trading commencing on October 22nd.
Hyundai is aiming to capture a larger share of the Indian market with its growing SUV range and plans to launch its first India-made electric vehicle early next year. Two petrol-powered models are also scheduled for release in 2026.
Instead of issuing new shares, the IPO will see Hyundai’s South Korean parent company sell a 17.5% stake in its fully-owned Indian subsidiary through an offer for sale (OFS). Even after the IPO, Hyundai Motor India will remain 82.5% owned by the South Korean parent company.
The development comes as the Indian auto industry is witnessing a resurgence in demand, particularly for SUVs and electric vehicles. Hyundai’s IPO is anticipated to draw significant interest from investors due to the company’s strong brand recognition, expansion plans in the Indian market, and the overall growth potential of the automotive sector.
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