Wed Oct 16 08:17:01 UTC 2024: ## Hyundai Motor India IPO Sees Tepid Response on Day 2, Subscription Rate at 22%

**MUMBAI, INDIA – October 16, 2024:** Hyundai Motor India’s highly anticipated Initial Public Offering (IPO), aiming to raise ₹27,870 crore, received a lukewarm response on its second day of subscription. As of 11:48 AM, only 22% of the issue had been subscribed, with investors bidding for 2.23 crore shares against the 9.97 crore shares available.

While retail individual investors showed more interest, with 33% of their portion subscribed, the non-institutional investor (NII) segment lagged behind. The grey market premium (GMP) for the IPO, which reflects the expected listing price premium, has seen a slight uptick, currently standing at ₹63. This suggests an estimated listing price of ₹2,023, indicating a potential 3.21% gain per share upon listing.

The IPO has been met with mixed reviews from analysts. While some highlight Hyundai’s strong brand, growing SUV segment presence, and capacity expansion, others point to a potential overvaluation at the upper price band. The passenger vehicle (PV) market is currently experiencing a slowdown, which could impact future performance.

Despite the mixed reception, Hyundai Motor India’s IPO is poised to be one of Asia’s largest recent IPOs, surpassing the ₹21,000 crore Life Insurance Corporation (LIC) IPO from May 2022. The company has allocated ₹8,315.3 crore to 225 funds and investors during its anchor round, showcasing strong investor confidence in the long-term growth potential of the company.

The IPO will close on October 17, and the shares are expected to be listed on October 22.

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