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(Photo=Hyundai Motor) |
[Alpha Biz= Reporter Kim Jisun] Hyundai Motor's Indian subsidiary is planning an initial public offering (IPO) on the Indian stock market to raise up to $3 billion (approximately 4.17 trillion Korean Won).
On June 16, Hyundai announced that its Indian subsidiary submitted a Draft Red Herring Prospectus (DRHP) for the IPO on the Indian stock market. Specific details from the prospectus were not disclosed. However, major news outlets including Reuters reported that Hyundai plans to sell up to 142 million shares (17.5% of the total outstanding shares of 820 million) of its Indian subsidiary through this IPO, aiming to raise the maximum $3 billion. This approach involves selling existing shares rather than issuing new ones, known as a "public offer for sale."
Based on the percentage of shares to be sold publicly, Hyundai's Indian subsidiary would be valued at approximately $30 billion. If successful, this IPO would surpass LIC's $25 billion IPO in 2022, making it the largest ever in India.
Typically, it takes up to 90 days from the submission of the DRHP to complete the listing process on the Indian stock market. It is anticipated that the IPO process will be completed by October this year at the latest. Hyundai plans to make formal announcements regarding the listing plans for its Indian subsidiary in the near future.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
