Hyundai Motor "Up to 4.4 Trillion KRW Raised Through IPO of India Subsidiary"

by Choi Daeyul

Published 10 Oct.2024 09:53(KST)

Hyundai Motor Company announced on the 10th that it has set the public offering price for its Indian subsidiary, which is pursuing an initial public offering (IPO), at 1,865 to 1,960 rupees per share (approximately 29,970 to 31,497 KRW).

Earlier, after the board of directors decided to dispose of 142.19 million shares, about 17.5% of the 812.54 million shares of the Indian subsidiary, and the Indian Securities and Exchange Board (SEBI) approved it, the range of the public offering price was finalized. The company expects that once the public offering price is set within this range, the IPO will raise between 4.1734 trillion KRW and 4.3924 trillion KRW.

Kim Eonsu, Head of Hyundai Motor India, and Tarun Garg, Chief Operating Officer of Hyundai Motor India, are posing for a commemorative photo after a press conference on the 9th (local time).
[Photo by Yonhap News, Reuters]

If the listing is confirmed, it will be the largest IPO in the history of the Indian stock market. Previously, the Life Insurance Corporation of India raised 2.5 billion USD (approximately 3.4 trillion KRW) in 2022. Applying the current exchange rate, the total corporate value of Hyundai Motor's Indian subsidiary is estimated to reach between 25 trillion and 26 trillion KRW.

Hyundai Motor's Indian subsidiary plans to conduct subscription for institutional investors on the 14th and for general investors from the 15th to the 17th, and is scheduled to be listed on the Mumbai Stock Exchange on the 22nd. The company stated, "Having successfully operated in the world's most dynamic Indian automobile market for over 26 years, we have maintained our position as the second-largest local automobile company," adding, "Through the IPO, we will further commit to sustainable business and maintain global standards in terms of governance."