BlackRock, GIC among bidders for Hyundai Motor India's $3.3B IPO
Global investment giants BlackRock Inc., Singapore's sovereign wealth fund GIC Pte, and Capital Group have reportedly bid for shares in Hyundai Motor India Ltd.'s upcoming initial public offering (IPO). The IPO will be India's largest ever, valued at $3.3 billion. If successful, it would surpass the previous record set by Life Insurance Corporation of India (LIC) in 2022, which raised ₹2.7 billion.
Hyundai's IPO attracts both local and global investors
The IPO has attracted strong interest from domestic and foreign institutional investors. The anchor book for the IPO, an important part of the offering, has been completely allocated. Half of this allocation has been allotted to domestic institutions while the other half has been taken by foreign investors. The anchor investor portion includes up to 42.4 million shares, according to the prospectus details.
Hyundai Motor India's IPO pricing and valuation details
The price range for Hyundai Motor India's IPO has been fixed at ₹1,865 to ₹1,960 per share. The South Korea-based parent company plans to sell as much as 142.2 million shares, which would translate to a 17.5% stake in the firm. At the upper end of this price range, Hyundai Motor India would be valued at nearly $19 billion. The subscription window for the IPO will open on October 15 with shares expected to start trading on October 22.
