IPO Calendar: Hyundai India Set to Raise ₹27,000 Cr, Lakshya Powertech & Freshara Agro Join SME IPO Rush

Next week, the primary market will see a major IPO from Hyundai Motor India, which is set to raise over ₹27,000 crore. Alongside Hyundai, two smaller SME IPOs from Lakshya Powertech and Freshara Agro will also be open for subscription. Investors can also look forward to the listing of Garuda Construction, which recently closed with a subscription of 7.55 times.

The IPO market for the second half of the year looks strong. As of now, 26 companies with plans to raise ₹72,000 crore have received approval from SEBI, while another 55 companies are waiting for the regulator’s nod to raise about ₹89,000 crore. According to Haldea from PRIME Database Group, unless an unexpected major event occurs, 2024 could be a record-breaking year for IPOs.

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Hyundai India IPO

Hyundai India’s highly anticipated IPO will open for subscription on October 15 and close on October 17, with shares expected to be listed on October 22. The price band is set at ₹1865-1960 per share, and investors can bid for a minimum of 7 shares in one lot.

The IPO is split into three categories: 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).

This marks the first time in two decades that an automaker is going public, with Maruti Suzuki being the last in 2003. The funds raised through this IPO will go to the parent company and will be used for research, development, and innovation.

Hyundai is India’s second-largest carmaker, with 13 models across sedans, hatchbacks, and SUVs. It aims to position India as Hyundai’s biggest production hub in Asia.

In the first quarter of 2024, Hyundai Motor India reported revenue of ₹17,344 crore, a rise from ₹16,624 crore in the same period last year. Around 76% of this came from domestic sales, with the rest from exports.

Leading the IPO are Kotak Mahindra Capital, Citigroup Global, HSBC Securities, JP Morgan, and Morgan Stanley, with KFin Technologies acting as the registrar.

SME IPOs

The SME IPO of Lakshya Powertech will open on October 16 and close on October 18. Lakshya Powertech aims to raise ₹50 crore with shares priced between ₹171-180. Investors can bid for 800 shares in one lot.

Lakshya Powertech started as a consultancy specializing in mechanical and electrical services. It has since expanded into operating and maintaining power plants, including gas-fired power generation projects.

Freshara Agro Exports’ IPO, valued at ₹75 crore, will be open for subscription from October 17 to October 21. The price band is set between ₹110-116 per share.