Stay updated on Hyundai's public offering which is the largest ever in India, valued at Rs 27,870 crore and opened today. Just a day prior, the company secured Rs 8,315 crore from over 200 anchor investors. This IPO is the biggest yet in India, and you can track live GMP updates and more.
Hyundai IPO: India's Largest Ever Public Offering
Hyundai Motor India (HMIL), the Indian subsidiary of South Korean automotive giant Hyundai Motor Company, made its much-anticipated initial public offering (IPO) on October 25, 2022. The IPO, the largest ever in India's history, was valued at Rs 27,870 crore (approximately $3.5 billion).
Ahead of the IPO, HMIL raised Rs 8,315 crore ($1.05 billion) from over 200 anchor investors, including marquee institutional investors such as BlackRock, Goldman Sachs, and Abu Dhabi Investment Authority. This strong investor interest reflected the company's strong brand reputation, market dominance, and growth potential.
The IPO was open for public subscription from October 25 to 28, 2022. The price band for the IPO was set at Rs 824-829 per share. HMIL offered 22.8 million shares for sale, representing approximately 10% of its equity capital.
Background
HMIL was established in 1996 as a joint venture between Hyundai Motor Company and the Indian conglomerate, the Somani group. The company has since grown to become India's second-largest car manufacturer, with a market share of over 17%. HMIL operates three manufacturing plants in India, with a total annual production capacity of over 800,000 vehicles.
The company's portfolio includes a wide range of cars, SUVs, and electric vehicles. HMIL is known for its innovative designs, fuel-efficient engines, and affordable pricing. The company has a strong presence in both urban and rural markets across India.
IPO Details
Top 5 FAQs
Q1: Why did HMIL decide to go public? A1: HMIL went public to raise capital for its expansion plans, including increasing its production capacity and developing new products.
Q2: What is the expected listing date for HMIL shares? A2: The HMIL shares are expected to list on the BSE and NSE on November 4, 2022.
Q3: What is the Grey Market Premium (GMP) for HMIL shares? A3: The GMP for HMIL shares was around Rs 20 on October 27, 2022, indicating a premium of approximately 2.5% above the issue price.
Q4: Who are the anchor investors in HMIL's IPO? A4: Some of the key anchor investors in HMIL's IPO include BlackRock, Goldman Sachs, Abu Dhabi Investment Authority, and HDFC Life Insurance Company.
Q5: What is the future outlook for HMIL? A5: HMIL is well-positioned for growth in the Indian automotive market. The company has a strong brand, a wide product portfolio, and a robust distribution network. With its expansion plans and focus on innovation, HMIL is expected to continue to perform well in the coming years.
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Rediff Money Desk, based in New Delhi, has recently announced a wave of upcoming IPOs in the business world. These include Waaree Energies, MobiKwik, Premier Energies, Garuda Construction, Kross, Tolins Tyres, Hyundai Motor India, and Baazar Style Retail. With raising amounts ranging from Rs 69 crore to a whopping Rs 27,870 crore, these IPOs are expected to bring major changes and advancements in their respective industries. Stay tuned for potential investment opportunities and witness the growing impact of these companies in the global market.
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New Zealand's leading energy company, Contact Energy, has started feeding power from its newly built $300 million geothermal power station, Te Huka Unit 3, into the country's national grid. The station is expected to run at full capacity of 51.4 megawatts and power the equivalent of 60,000 homes near Taupō. This marks a significant milestone for Contact Energy and showcases their ability to invest, build, and deliver world-class renewable assets. Once formal compliance testing is complete, the station is expected to become fully operational by the end of the year, signaling an exciting time for the growth and potential of geothermal energy.
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