Hyundai Motor India's IPO could be one of the biggest on record in India, following Life Insurance Corp.'s $2.5 billion issue in 2022.
In Short:
- South Korean automaker Hyundai Motor's Indian arm files for IPO.
- The IPO aims to raise around $3 billion.
- Listing planned by the end of the year.
- Advisors include Citigroup, Kotak Mahindra, JP Morgan Chase, HSBC, and Morgan Stanley.
- Hyundai Motor India is the second largest carmaker in India by passenger sales volumes.
- FY23 revenue of ₹60,000 crore and profits of ₹4,653 crore.
Hyundai Motor's Indian subsidiary has taken a significant step by filing preliminary papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). According to the draft red herring prospectus, the automaker plans to sell 142.2 million shares. Prominent advisors for this substantial share sale include Citigroup Inc., Kotak Mahindra Bank, JP Morgan Chase & Co, HSBC Holdings Plc, and Morgan Stanley.
The South Korean automaker aims to raise approximately $3 billion through this IPO, with a potential listing slated for the end of the year, as reported by Bloomberg, citing insiders. If successful, this IPO would become one of the largest ever recorded in India, following the $2.5 billion issue by Life Insurance Corp. of India in 2022.
Hyundai Motor India Limited ranks as the second largest carmaker in India, trailing only Maruti Suzuki in terms of passenger sales volumes for FY24. The company concluded FY23 with impressive revenue figures of ₹60,000 crore and profits amounting to ₹4,653 crore, making it the highest among non-listed car manufacturers in the country.