Tue Oct 15 12:15:27 UTC 2024: ## Hyundai Motor India IPO Opens With Moderate Interest: GMP Falls Since Announcement

**New Delhi, India – October 12, 2023** – Hyundai Motor India Limited’s highly anticipated initial public offering (IPO) opened for subscription today, with investors given the opportunity to buy into the ₹27,870 crore (approximately $3.4 billion USD) offering. The IPO, consisting entirely of an offer for sale (OFS) of 14.2 crore shares by parent company Hyundai Motor Global, will remain open until October 17.

Despite the large size of the offering, the grey market premium (GMP) has been steadily falling since the IPO announcement, indicating a possible lack of overwhelming investor enthusiasm. While the shares were trading at a premium of 3.3% over the IPO price in the unlisted market before the IPO opening, the GMP has declined since then.

Analysts attributed this to several factors, including the current economic climate and a cautious approach from investors. “The IPO is likely to be well-received by investors, but the lack of strong GMP suggests a more measured approach,” said Amnish Aggarwal, Head of Research at Prabhudas Lilladher.

“The decline in GMP could be attributed to concerns about the global macroeconomic environment and the current market volatility,” added Arun Kejriwal, founder of Kejriwal Research.

Krishna Appala, Senior Research Analyst at Capitalmind Research, echoed these sentiments, emphasizing that investors are likely taking a more conservative approach before committing significant funds to the IPO.

While the initial response to the Hyundai Motor India IPO has been somewhat muted, the coming days will be crucial in determining the ultimate success of the offering. Investors will be closely watching the progress of the subscription process and the final GMP before making their investment decisions.

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