Hyundai Motor India, the country’s second-largest carmaker, has announced a price band of Rs 1,865-1,960 per share for its Rs 27,870-crore initial public offering (IPO), which is set to open on October 15. The IPO, consisting entirely of an offer-for-sale of 14.2 crore equity shares by its parent company Hyundai Motor Company, will close on October 17.
Valued at Rs 1.59 lakh crore at the upper price band, Hyundai Motor Company will retain an 82.5 percent stake in its Indian unit post-IPO. Investors can bid for a minimum of seven shares, with retail investors able to invest between Rs 13,720 and Rs 1,92,080 in the offering, adhering to the Rs 2 lakh cap for retail participants.
Institutional investors can participate in the anchor book on October 14, one day before the offer opens. Hyundai Motor India’s IPO will be the largest auto-sector public issue since Maruti Suzuki’s listing in 2003, and the biggest in India since LIC’s Rs 21,000 crore IPO in 2022.
Hyundai Motor India, which currently sells 13 passenger vehicle models, recorded a net profit of Rs 6,060 crore in FY24, up 28.7 percent, and revenue of Rs 69,829 crore, a 15.8 percent growth over the previous year.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
