Hyundai Motor India Subsidiary to Raise Up to 4.8 Trillion KRW in IPO... Largest on Indian Stock Market

Hyundai Motor Company is expected to raise up to $3.5 billion (approximately 4.85 trillion KRW) through an initial public offering (IPO) of its Indian subsidiary, Bloomberg reported on the 2nd (local time), citing sources. This is anticipated to be the largest IPO in the history of the Indian stock market.

According to the report, Hyundai Motor India is expected to pursue a listing on the Indian stock exchange between September and October. Prior to this, it will undergo a process over the coming weeks to gauge investor interest.

Currently, Hyundai aims to raise at least $3 billion and up to $3.5 billion through the listing of Hyundai Motor India. Specific details such as the exact size of the offering and timing are still under discussion. Local Indian media have also reported that the IPO could raise about $3 billion.

The largest IPO in the Indian stock market to date was by the Life Insurance Corporation of India in 2022, which raised 206 billion rupees (approximately $2.5 billion). The listing of Hyundai Motor India is expected to surpass this record, becoming the largest IPO in Asia in recent years.

[Image source=Reuters Yonhap News]

Hyundai Motor India submitted preliminary IPO documents (DRHR) to the Securities and Exchange Board of India (SEBI) in mid-last month. In the documents, the company stated that it will publicly sell up to 142.2 million shares, representing a maximum of 17.5% of its total 812 million shares. No new shares will be issued.