Hyundai Motor India Set For Its IPO Debut
The company plans to sell a stake of up to 17.5 per cent
Hyundai Motor India, the Indian arm of the South Korean auto giant, is reportedly set to issue an IPO to raise around $2.5 billion-$3 billion. The auto company was expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday.
The company plans to sell a stake of up to 17.5 per cent.
If the regulator approves the listing, it will be the country’s biggest IPO after the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion listing in 2022, say media reports.
The issue is likely to be an offer for sale (OFS) by the company which expects to sell 140 million to 150 million shares.
The company established its first Indian manufacturing plant in 1998 and a second one in 2008.
Over the past year, Hyundai Motor Group has reported new investment plans in India totalling approximately 5 trillion won ($3.75 billion), reflecting the group’s intent to better target one of the fastest-growing major automotive markets in the world.
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