Hyundai Motor India’s ₹27,856 Cr IPO Set to Open on Oct 15: Price Band Revealed at ₹1,865-1,960 — Bigger Than Maruti Suzuki’s Record Listing

Hyundai Motor India’s IPO (Initial Public Offering) will be open for bidding from October 15 to October 17, 2024. The company has set a price range of Rs 1,865 to Rs 1,960 per share. Through this offer for sale (OFS) of 14.2 crore equity shares, Hyundai aims to raise between Rs 26,505 crore and Rs 27,856 crore, making it the biggest stock offering of the year. This IPO values the automaker at up to Rs 1.6 lakh crore.

Half of the shares are reserved for qualified institutional buyers (QIBs), while 35% is set aside for retail investors, and 15% for non-institutional investors. Additionally, 7,78,400 shares, worth Rs 131-138 crore, are reserved for employees at a discount of Rs 186 per share. For anchor investors, bidding will open on October 14, a day before the public offering.

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This IPO is significant because Hyundai Motor India will be the first carmaker in 20 years to go public, following Maruti Suzuki’s listing in 2003. The timing is important too, as Indian stock markets are at record highs, with many companies making their stock market debut.

The IPO is being managed by Kotak Mahindra Capital, Citigroup Global, HSBC Securities, JP Morgan, and Morgan Stanley, while KFin Technologies is handling the registration. Hyundai is expected to finalise the share allotment by October 18, with the shares likely to be listed on the stock exchanges (NSE and BSE) on October 22.

In FY24, Hyundai Motor India was the second-largest carmaker in India, following Maruti Suzuki in terms of passenger vehicle sales. In FY23, the company earned Rs 60,000 crore in revenue, with profits of Rs 4,653 crore, making it the most profitable among non-listed carmakers in India.