Thu Oct 17 03:10:00 UTC 2024: ## Hyundai IPO Nears Closure with Moderate Subscription, GMP Takes a Hit

**MUMBAI, INDIA – October 17, 2024:** Hyundai Motor India’s Rs 27,870 crore Initial Public Offering (IPO) is set to close today, October 17, after a moderate subscription level over the past two days. The IPO, the largest ever in India, received 42% subscription by the end of day two, with retail investors contributing 38% and non-institutional investors 26%. Qualified institutional buyers (QIBs) subscribed 58% of their portion, while the employee portion was oversubscribed 1.31 times.

However, the Grey Market Premium (GMP) for the IPO has taken a sharp correction on the final day of subscription. According to investorgain.com, the current GMP stands at Rs 17, significantly lower than earlier projections.

The company has outlined several “internal risks” in its Draft Red Herring Prospectus (DRHP), which include potential challenges related to market competition, regulatory changes, and fluctuations in the automotive industry.

It is important to note that Hyundai Motor India will not receive any proceeds from the IPO. The full offer proceeds, after deducting expenses and taxes, will be received by the Promoter Selling Shareholder.

Market watchers are observing the subscription levels closely as the IPO closes today. The shares of Hyundai Motor India will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

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The IPO market continues to be active, with several major offerings attracting investor interest.

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