Bloomberg: "Hyundai Motor to Apply for India IPO This Month... Plans to List by Year-End"

Hyundai Motor Company plans to file for an initial public offering (IPO) of its Indian subsidiary within this month and aims to be listed by the end of the year, Bloomberg News reported on the 11th, citing sources.

According to an anonymous source, Hyundai Motor plans to raise approximately $2.5 billion (about 3.4453 trillion KRW) through the IPO. This is expected to be the largest capital raise in the history of the Indian stock market, following the 206 billion rupee (about 3.399 trillion KRW) IPO of the Life Insurance Corporation of India in 2022.

[Image source=Yonhap News]

Hyundai Motor hopes that the IPO will value its Indian subsidiary at $25 billion (about 34.4525 trillion KRW).

Bloomberg stated that Hyundai Motor did not respond to questions regarding this matter.

On the same day, the Indian local media outlet Economic Times reported that Hyundai Motor India is likely to submit a draft prospectus to regulatory authorities within the next two weeks. Details such as the size and timing have not yet been finalized.

Bloomberg also reported that the IPO advisory firms involved include Citigroup, HSBC Holdings, JPMorgan Chase, Kotak Mahindra Bank, and Morgan Stanley.