Mon Oct 14 04:23:00 UTC 2024: ## Hyundai Motor India Set to Raise Record-Breaking $3.26 Billion in IPO, Fueling EV Growth

**New Delhi:** Hyundai Motor India Ltd (HMIL) is set to make history with its upcoming initial public offering (IPO), aiming to raise a staggering $3.26 billion, the largest IPO in Indian history. The company plans to invest this capital in India’s burgeoning EV market, predicting robust growth until 2030.

HMIL has already committed Rs 32,000 crore (approximately $3.9 billion) in investments for its manufacturing facilities in Tamil Nadu and Maharashtra, as revealed in IPO documents filed with SEBI. The company’s future investments will focus on acquiring equipment and assets for the launch of new passenger vehicle models, particularly electric vehicles.

Hyundai Motor India’s Managing Director, Unsoo Kim, expresses strong optimism about the Indian EV market’s future. “We believe that the Indian EV market is expected to grow strongly and steadily by 2030, mostly led by the government’s strong leadership and many OEMs’ focus on this segment,” stated Kim.

He attributes the anticipated growth to a combination of robust government support and increasing focus from various companies on the local market. HMIL’s commitment to the Indian EV market is further demonstrated through their access to global battery technologies and ongoing efforts to develop a comprehensive EV ecosystem.

Hyundai Motor India has set an ambitious production target of 775,000 units for this year, surpassing the previous year’s production of 765,000 units. The company’s parent company, Hyundai Motor, will sell 17.5% of its shares in the Indian subsidiary, setting the IPO price band between Rs 1,865 and Rs 1,960.

The IPO is scheduled to begin trading on October 22nd, marking a significant milestone in the Indian stock market and highlighting the growing importance of the EV sector in India’s automotive landscape.

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