This file photo, provided by Hyundai Motor Group, shows Hyundai Executive Chair Euisun Chung (2nd from L) inspecting a Hyundai plant in the Indian city of Chennai on Aug. 8, 2023. (Image courtesy of Yonhap)
SEOUL, Oct. 10 (Korea Bizwire) — The Indian subsidiary of Hyundai Motor Co. is seeking to raise up to 4.4 trillion won (US$3.26 billion) through an initial public offering (IPO), according to the carmaker Thursday.
Hyundai Motor Co. said in a regulatory filing to the South Korean Financial Supervisory Service that the price band for the IPO for Hyundai Motor India Ltd. has been set between 1,865-1,960 rupees (29,970-31,480 won). Shares are expected to begin trading on Oct. 22.
The announcement follows the Seoul-based parent company’s decision on Tuesday tosell 17.5 percent of its 812.54 million shares in the subsidiary.
Given that the final IPO is confirmed within the price band, Hyundai Motor India could raise between 4.2 trillion and 4.4 trillion won through the public offering.
When confirmed, it would mark the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corp. of India in 2022, which then raised $2.5 billion.
The overall market value of Hyundai Motor India is expected to reach between 25 billion won and 26 trillion won based on the current exchange rate. It plans to open the public subscription for shares from Oct. 15-17, with a potential listing in the Mumbai stock market as early as Oct. 22.
Hyundai Motor India said it aims to further focus on sustainable business practices and maintain global governance standards while actively pursuing success in India.
(Yonhap)
