Indian auto majors such as Maruti Suzuki, Tata Motors and Mahindra are already listed in the Indian stock market and Hyundai’s entry in that segment will put it in the same league as the homegrown auto majors, which are among the key players in the Indian stock market. The report stated that Hyundai India is seeking to raise about ₹20,500 crore in the IPO, which would make it one of the biggest on record in India, following Life Insurance Corporation of India’s ₹20,600 offering in 2022.
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The report cited people familiar with the inside information saying that the automaker is potentially seeking a valuation of as much as $25 billion, which translates to about ₹20,500 crore. The report also claimed that Hyundai India is likely to file a draft prospectus with the market regulator Securities and Exchange Board of India (SEBI) over the next two weeks. The report further noted that Hyundai’s advisers for the first-time share sale include Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Kotak Mahindra Bank Ltd. and Morgan Stanley.
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While no final decisions on details such as size and timing have been made, if Hyundai India goes ahead with an IPO as planned it would use the proceeds to expand the auto company’s operations in the country. Hyundai Motor India Ltd. is currently India’s second-biggest carmaker by sales, positioned behind Maruti Suzuki. Over the last few years, the automaker has been investing heavily in new products, network expansion and operational expansion as well.
First Published Date: 12 Jun 2024, 08:26 AM IST