Big update revealed on the IPO of car manufacturing South Korean company
New Delhi| If all goes well, Hyundai Motor India’s IPO will open for subscription next week and will be priced between Rs 1,865 and Rs 1,960 per share. According to sources, the valuation of the vehicle manufacturer for this IPO has been estimated at Rs 1.6 lakh crore.
Media reports quoted three sources with knowledge of the IPO as saying that the Rs 25,000 crore IPO will open for subscription to large institutional investors on October 14. Bids will also be invited from investors in retail and other categories between 15 and 17 October. According to sources, the valuation of the company at the upper end of the price band would be around $19 billion (Rs 1.6 lakh crore). He informed that the listing of the company’s shares will take place in the equity market on October 22. However, no information has been given by the company on this issue at present.
With the IPO in the Indian market, Hyundai will become the first car manufacturer in the country to be listed in the market in the last two decades. Earlier in 2003, Maruti Suzuki had IPO. Hyundai has decided to make itself public at a time when Indian stock markets are touching record highs. Hyundai will not issue new shares in IPO. Hyundai India’s South Korean parent company will sell 17.5% stake in its wholly owned unit to retail and other investors through IPO.
