Hyundai Motors India’s IPO to open for investors in mid-October

New Delhi| Subscription to the IPO of Hyundai Motors India Limited, one of the country’s largest car manufacturers, could open to ordinary investors from October 14. It will be the largest IPO in the country so far and is expected to be $3 billion in size. It was reported in several media reports that Hyundai has given final consent on the date of October 14 to October 16 to open the subscription of the IPO.

Reports quoted sources as saying that due to the conflict between Iran and Israel in the Middle East, it has been agreed to open subscription of the IPO on these dates, barring any unexpected changes in the market. However, no decision has been taken yet regarding the price band.

There was a huge fall in the Indian stock market on Thursday due to the missile attack by Iran on Israel. During this period, both the main indices of the market, Sensex and Nifty, had closed down by more than 2 percent. This was the biggest fall in the stock market so far in the last two months. However, the market remained bullish amid fluctuations on Friday. At 11 am, Sensex was up 403 points or 0.49 per cent at 82,900 and Nifty was up 95 points or 0.38 per cent at 25,345. At present, no official statement has been given by Hyundai regarding the dates of IPO.

This largest IPO of the country has been approved by the Securities Exchange Board of India (SEBI). The biggest IPO so far has been issued by government company LIC. Its size was $2.7 billion. The entire IPO of Hyundai Motors India Limited will be offer for sale. In this, 14.2 crore shares with face value of Rs 10 will be sold by the company, which is 17.5 percent of the total shareholding.

Hyundai India is the second largest car company in the country after Maruti Suzuki. The market share of the company is close to 15 percent. Hyundai India’s market cap after listing could be nearly halved from the $47 billion valuation of its originator company Hyundai Motors listed in its sole.