New Delhi/Seoul: Hyundai Motor India is all set to make its stock market debut tomorrow, with shares likely to start trading on the Indian stock market.
This is Hyundai Motor’s first listing outside South Korea and the largest IPO in the history of the Indian stock market. The Indian subsidiary of South Korean automotive giant has surpassed the previous record set by the Life Insurance Corporation of India (LIC) in 2022, which then raised $2.5 billion.
The IPO price band has been fixed at Rs 1,865-Rs 1,960 per share. The IPO is a pure offer for sale (OFS) and the entire proceeds will go to the promoter.
As per reports, the Hyundai Motor India latest GMP suggests a 5% premium of Rs 101-107 w.r.t its issue price of Rs Rs 1,865-Rs 1,960 per share apiece, suggesting that the scrip will trade higher on its stock market debut. It must however be noted that since grey market premium is the parameter driven from unlisted market, the real time value on stock market can vary.
Hyundai Motor India is the second-biggest carmaker in India, following Japan’s Maruti Suzuki. Industry observers are keen on whether the company can enhance its local competitiveness through the listing on the Indian stock market.
The South Korean automotive giant has made aggressive investments in India in recent years.
Last year, Hyundai acquired General Motors’ manufacturing plant in India’s western city of Pune. The company is currently upgrading the facility with a smart manufacturing system, aiming to achieve a production capacity of over 200,000 units annually.
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