Hyundai Motor India Limited, the Indian subsidiary of the renowned South Korean automaker, is gearing up to initiate its initial public offering (IPO) journey by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) this Friday.
The IPO aims to raise between $2.5 billion to $3 billion, marking a significant financial move for the company in the Indian market.
If approved by SEBI, this IPO would stand as India’s largest since the $2.7 billion listing of the state-owned Life Insurance Corporation of India (LIC) in 2022.
Hyundai Motor India plans to divest between 140 million to 150 million shares entirely through an offer for sale (OFS) mechanism during the anticipated offering.
In the fiscal year 2023-24, Hyundai Motor India secured its position as the country’s second-largest car manufacturer based on passenger vehicle sales volumes, trailing only Maruti Suzuki.
Hyundai Motor India’s roots in the country date back to 1998 when it established its first manufacturing facility, followed by a second plant in 2008.
Recently, the company’s strategic focus has intensified under the leadership vision of Euisun Chung, Executive Chair of Hyundai Motor Group, who outlined plans earlier this year to expand operations in India.
Chung aims to leverage India as a pivotal export hub for Hyundai, aligning with the nation’s strategic importance in the global automotive industry.
Reflecting Hyundai Motor Group’s commitment to India, recent announcements have highlighted significant investment plans totaling approximately 5 trillion won ($3.75 billion).
These investments underscore the group’s strategy to capitalize on India’s position as one of the world’s fastest-growing automotive markets.
Euisun Chung also articulated Hyundai’s ambitions in the electric vehicle (EV) sector in India, emphasizing a specialized approach to EV development tailored for the Indian market.
He envisioned Hyundai Motor Group leading India’s transition towards clean mobility, targeting the mainstream adoption of EVs by 2030.
Hyundai Motor India has firmly established itself as one of Hyundai Motor Group’s key global production hubs, reaffirming its commitment to the Indian market’s growth trajectory.
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