Hyundai Motor's Indian Subsidiary IPO Proposal Passes Board Meeting... 17.5% Secondary Share Sale

Hyundai Motor Company held a board meeting on the 8th and approved the agenda for the local stock market listing (IPO) of its Indian subsidiary. Through this decision, Hyundai will offer 17.5% of the 100% stake held by the headquarters in the Indian subsidiary to general shareholders.

On the same day, Hyundai announced that it will dispose of 142,194,700 shares, equivalent to 17.5% of the total 812,541,100 shares issued by the Indian subsidiary, for the purpose of listing on the Indian stock market.

According to industry sources, Hyundai values its Indian subsidiary at $19 billion (approximately 25.6 trillion KRW) and is expected to raise $3.3 billion (approximately 4.5 trillion KRW) through this IPO. If the IPO succeeds as planned, it will be the largest IPO in the history of the Indian stock market.

The announcement did not specify the exact offering price, listing date, or the planned date of share disposal. Hyundai stated, "The disposal date and offering price cannot be finalized until approval from the Securities and Exchange Board of India (SEBI) is obtained, so they were not included," and added, "We will re-announce once these details are confirmed."

Hyundai's Indian subsidiary was established in 1996 and has sold approximately 9 million vehicles in the Indian market to date. Last year, the subsidiary's total assets were about 5 trillion KRW, with a net profit of 921.1 billion KRW.

This content was produced with the assistance of AI translation services.