(Photo=Hyundai Motor)

 

[Alpha Biz= Reporter Kim Minyoung] Hyundai Motor's Indian subsidiary is set to raise up to $3.5 billion (approximately 4.85 trillion Korean won) through an initial public offering (IPO), as reported by Bloomberg citing sources on July 2nd (local time). This IPO is expected to be India's largest ever in its stock market history.

According to the report, Hyundai India plans to pursue listing on the Indian stock exchange between September and October. Prior to this, there will be a process to gauge investor interest over the coming weeks.

Currently, Hyundai aims to raise between $3 billion and $3.5 billion through the IPO of Hyundai India. Detailed specifics such as the exact size and timing of the offering are still under discussion. Local Indian media also reported the possibility of raising around $3 billion through this IPO.

The largest IPO in India's history so far was by Life Insurance Corporation of India, which raised approximately $2.5 billion (about 2,060 crore rupees) in 2022. Hyundai India's listing is expected to surpass this record and become the largest IPO in Asia in recent years.

In mid-June, Hyundai India submitted draft documents related to the IPO to the Securities and Exchange Board of India (SEBI). In these documents, the company announced plans to publicly sell up to 142.2 million shares, which is 17.5% of the total 820 million shares outstanding. There will be no issuance of new shares in this offering.

 

 

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