Wed Oct 16 00:48:24 UTC 2024: ## Hyundai Motor India IPO Receives Tepid Response on First Day

**MUMBAI, INDIA – October 16, 2023** – Hyundai Motor India’s initial public offering (IPO), which opened for subscription on October 15th, saw a sluggish start with only 18% of the shares being subscribed on the first day.

The IPO, which aims to raise ₹27,870.16 crore, saw bids for 1.77 crore shares against the 9.97 crore shares on offer. Retail investors showed the most interest, subscribing to 26% of the issue, followed by non-institutional investors at 13%. However, qualified institutional buyers (QIBs) only bid for 5% of their allocated portion.

Despite the lackluster opening, the IPO is currently trading at a premium of ₹58 in the grey market, indicating investor confidence in the company’s future. This premium suggests an estimated listing price of ₹2018, which is 2.96% higher than the IPO price range of ₹1865 to ₹1960 per equity share.

The IPO, which is purely an offer for sale (OFS) of 14.2 crore shares by Hyundai Motor Global, will be open for bidding until Thursday. Proceeds from the IPO will be utilized by the parent company for research and development and introducing new products.

**Key Highlights:**

* Hyundai Motor India IPO received 18% subscription on the first day.
* Retail investors showed the most interest, followed by non-institutional investors.
* QIBs showed limited interest, subscribing to only 5% of their allocated portion.
* The IPO is trading at a premium in the grey market, suggesting a strong listing potential.
* Proceeds from the IPO will be used for research and development and new product launches.

The IPO will continue to be open for subscription until Thursday, giving investors a chance to participate in this major offering.

Read More