Hyundai Motor India Limited (HMIL), the Indian subsidiary of the South Korean automotive giant, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Saturday, aiming to raise approximately $3 billion (Rs 25,000 crore) through an initial public offering (IPO).
According to the DRHP, the IPO’s objectives are to conduct an Offer for Sale of up to 142,194,700 (over 142 million) equity shares with a face value of Rs 10 each by the promoter selling shareholder and to leverage the benefits of listing these shares on Indian stock exchanges.
“Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity and a public market for the equity shares in India,” the DRHP states.
If approved by the regulator, this IPO will be the largest in India since the $2.7 billion listing of the state-owned Life Insurance Corporation of India (LIC) in 2022.
The move however marks a significant milestone for Hyundai Motor India, underscoring its robust market presence and growth trajectory in the country.
Hyundai Motor India has enlisted the support of prominent global investment banks, including Kotak Mahindra, Citibank, Morgan Stanley, JP Morgan, and HSBC, to facilitate its entry into the public market.
Meanwhile, in terms of market performance, Hyundai Motor India reported a seven percent year-on-year growth in total sales in May, with 63,551 units sold.
For the fiscal year 2024, Hyundai Motor India ranks as the country’s second-largest carmaker, behind Maruti Suzuki in passenger sales volumes.
Established with its first manufacturing plant in 1998 and a second in 2008, Hyundai Motor India has solidified its footprint in the Indian automotive industry.
Over the past year, the Hyundai Motor Group has unveiled new investment plans in India amounting to approximately five trillion won ($3.75 billion), reinforcing its long-term commitment to the Indian market.
Also Read: Adani Group Forges Strategic Alliance With Tanzania Across Key Sectors
Former US Senator Sam Brownback urges Washington to pressure China over alleged religious rights violations.
HM Amit Shah targets political rivals over Punjab’s drug crisis, saying only the BJP can…
Viral posts attribute remarks on caste, social equality and UGC regulations to Justice Surya Kant…
Amit Shah concluded BJP’s anti-drug Punjab campaign, targeting AAP over narcotics and pledging to end…
Amit Shah urged Punjab voters to support the BJP and pledged to eliminate the chitta…
Amit Shah questioned Punjab’s PIT-NDPS record, citing the state’s drug cases and pledging to eliminate…