Indian securities authorities have approved the initial public offering (IPO) of Hyundai Motor India's subsidiary.
On the 24th (local time), major foreign media outlets reported, citing two sources familiar with the matter, that Hyundai Motor India received approval for a new IPO from the Securities and Exchange Board of India (SEBI). Hyundai had previously announced during its Q2 earnings conference call in July that it plans to pursue the IPO of its Indian subsidiary within this year.
Hyundai Motor India plans to raise $3 billion (approximately 4 trillion KRW) through this IPO. According to foreign media, Hyundai Motor India is expected to launch India-made electric vehicles early next year and release at least two gasoline models starting from 2026.
Hyundai Motor established its Indian subsidiary in 1996 and entered the Indian automobile market by mass-producing its first model, the Santro, at its Chennai plant in Tamil Nadu in 1998.
India is recognized as the third-largest automobile market after China and the United States and is considered a key emerging market. Hyundai has invested $5 billion in India and plans to invest an additional $4 billion over the next decade.
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