India will be Hyundai’s first stock market listing outside South Korea
08 October 2024 - 18:00
byAditya Kalra and Scott Murdoch
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The 100-millionth Hyundai rolls of the Ulsan plant in the South Korea. Picture: SUPPLIED
New Delhi/Hong Kong — Hyundai Motor India’s IPO will open next week for subscriptions and is likely to be priced in the range of 1,865 to 1,960 rupees ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19bn in the country’s biggest stock offering this year.
The India IPO will be Hyundai’s first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.
The $3bn IPO will open for subscriptions for big institutional investors on October 14, and invite bids from retail and other categories during October 15-17, said three sources with direct knowledge, who declined to be named as the discussions are confidential.
At the upper end of the price band, the company will be valued at about $19bn, the sources said, adding the stock is set to start trading in Mumbai on October 22.
Hyundai did not immediately respond to Reuters queries.
Hyundai is India’s second-largest automaker after Maruti and is looking to reclaim market share from domestic rivals by expanding its SUV line-up.
It also plans to launch its first India-made electric vehicle early next year and introduce at least two petrol-powered models tailored to the market starting in 2026.
Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via an “offer for sale” route.
The South Korean automaker said on Tuesday it will still hold 670-million shares in Hyundai Motor India, or an 82.5% stake, after the IPO.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Hyundai to launch $3bn India IPO next week
India will be Hyundai’s first stock market listing outside South Korea
New Delhi/Hong Kong — Hyundai Motor India’s IPO will open next week for subscriptions and is likely to be priced in the range of 1,865 to 1,960 rupees ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19bn in the country’s biggest stock offering this year.
The India IPO will be Hyundai’s first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.
The $3bn IPO will open for subscriptions for big institutional investors on October 14, and invite bids from retail and other categories during October 15-17, said three sources with direct knowledge, who declined to be named as the discussions are confidential.
At the upper end of the price band, the company will be valued at about $19bn, the sources said, adding the stock is set to start trading in Mumbai on October 22.
Hyundai did not immediately respond to Reuters queries.
Hyundai is India’s second-largest automaker after Maruti and is looking to reclaim market share from domestic rivals by expanding its SUV line-up.
It also plans to launch its first India-made electric vehicle early next year and introduce at least two petrol-powered models tailored to the market starting in 2026.
Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via an “offer for sale” route.
The South Korean automaker said on Tuesday it will still hold 670-million shares in Hyundai Motor India, or an 82.5% stake, after the IPO.
Reuters
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