Hyundai Motor India Subsidiary to Go Public in India on 22nd... Valued at 26 Trillion Won, Largest Local Scale

Review Progress Stage, Submission of Supplementary Documents

Hyundai Motor India's subsidiary is expected to be listed on the Indian stock market on the 22nd.

Bloomberg News reported on the 5th (local time), citing sources, that Hyundai Motor India's subsidiary is highly likely to be listed on the Indian stock market on the 22nd.

Bloomberg stated that Hyundai Motor India values its corporate worth at $19 billion (approximately 25.6 trillion KRW) and plans to offer 17.5% of its total shares to raise $3.3 billion (approximately 4.5 trillion KRW). To this end, it is expected to submit supplementary documents once more to the Indian stock market regulatory authority as early as the 7th.

However, since the review is ongoing, details such as the IPO size, corporate value, and listing schedule may change.

[Image source=Yonhap News]

In June, Hyundai Motor submitted a preliminary IPO document (DRHP) to the Securities and Exchange Board of India (SEBI), announcing plans to sell up to 17.5% of its Indian subsidiary's shares. This is a public sale method without issuing new shares, offering only existing holdings.

If Hyundai's expectations are met, this will be the largest IPO in the history of the Indian stock market. The previous record was set in 2022 when the Life Insurance Corporation of India raised $2.5 billion (approximately 3.4 trillion KRW).

Hyundai Motor established its Indian subsidiary in 1996 and began mass production of its first model, the Santro, at the Chennai plant in Tamil Nadu in 1998.

India is the third-largest automobile market after China and the United States and is recognized as a key emerging market. Hyundai Motor is the second-largest automobile manufacturer in India by sales, following Maruti Suzuki.