Hyundai Motor India Gears Up for Mega IPO: GIC, BlackRock, SBI MF Among Top Anchor Investors in Talks

Hyundai Motor India, the Indian branch of Hyundai Motor Co., is in discussions with over 100 top investors, both global and domestic, for the anchor book portion of its upcoming IPO, according to a report by Moneycontrol on Wednesday. The report mentioned that well-known investors like GIC, Capital Group arms, Fidelity Group arms, Government Pension Fund Global (managed by Norges Bank), BlackRock, T Rowe Price, Baillie Gifford, SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Axis Mutual Fund are in talks with Hyundai Motor India.

However, when contacted, T Rowe Price, Axis Mutual Fund, and Baillie Gifford declined to comment on the discussions.

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Details about the Hyundai Motor India IPO

Earlier reports from Mint suggest that Hyundai Motor India’s IPO is expected to be the largest in Indian stock market history, surpassing the Life Insurance Corporation of India’s (LIC) public issue.

According to a Bloomberg report, Hyundai Motor India plans to raise $3.3 billion through its IPO. The price range for the shares has been set between ₹1,865 and ₹1,960 per share. Investors can start bidding for the IPO from October 15, and the offer will close on October 17. The anchor investor round will take place on October 14.

Hyundai Motor India’s business

Hyundai Motor India sells cars in the Indian market, with a range of 13 models including sedans, hatchbacks, SUVs, and electric vehicles. Additionally, the company produces parts such as transmissions and engines.

Hyundai has also been India’s largest exporter of passenger vehicles from 2005 to early 2024, exporting the highest number of passenger cars during this period, according to a report by Crisil.