Hyundai India's ₹27,000 crore IPO to open next week
Hyundai Motor India will debut on the primary market next week with an IPO to raise over ₹27,000 crore. The development makes Hyundai the first automaker to go public here in two decades, since Maruti Suzuki's listing in 2003. The IPO will be open for subscription from October 15-17, and shares are expected to get listed on October 22.
IPO details and future plans
Hyundai has fixed a price band of ₹1,865-1,960 per share for its upcoming IPO. Investors can bid for seven shares in one lot. The offer has reservations for different investor categories: 50% for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Up to 7,78,400 equity shares worth ₹131-138 crore have also been reserved at a discounted price of ₹186/share for employees.
Market position and financial performance
Currently, Hyundai is India's second-largest carmaker with a wide portfolio of 13 passenger vehicle models across sedans, hatchbacks, and SUVs. The company hopes to use its strong local manufacturing capabilities to make Hyundai's largest production base in Asia. For the quarter ending June 2024, Hyundai Motor India reported a revenue of ₹17,344 crore, up from ₹16,624 crore in the same period last year.
Other SME IPOs to watch out for next week
Apart from Hyundai's landmark IPO, the primary market will also witness two other SME IPOs from Lakshya Powertech and Freshara Agro. Lakshya Powertech's IPO will open for subscription on October 16 and close on October 18. The firm plans to raise ₹50 crore through the issue, priced in the range of ₹171-180 per share. Freshara Agro Exports' ₹75 crore IPO will open from October 17 and close on October 21. It has fixed a price band of ₹110-116 per share.
