Indian subsidiary of South Korean automotive giant Hyundai Motor is making its highly anticipated debut on the Indian stock market this week with a record-breaking IPO of $3.3 billion. This marks a major milestone for the company as it becomes the largest IPO in Indian history, surpassing the previous record set by LIC in 2022. Hyundai's strong market position in India, with 765,000 vehicles produced last year, is expected to drive further growth and success for the company.
Hyundai Motor India's Record-Breaking IPO: A Landmark Moment in Indian Business
Background
Hyundai Motor India Limited (HMIL) is a subsidiary of the South Korean automotive giant Hyundai Motor Company. It was established in India in 1996 and has since become a major player in the Indian automobile market. HMIL manufactures and sells a range of passenger cars, SUVs, and commercial vehicles in India.
Historical Context
HMIL's IPO is a significant event not only for the company but also for the Indian stock market. In 2022, Life Insurance Corporation of India (LIC) held the record for the largest IPO in Indian history. However, Hyundai's $3.3 billion IPO surpasses LIC's previous record, making it the largest IPO in India to date.
Current Developments
HMIL's IPO opened for subscription on March 14, 2023, and closed on March 16, 2023. The IPO was oversubscribed by 1.8 times, indicating strong investor interest. The company plans to use the proceeds from the IPO for various purposes, including capacity expansion, investments in research and development, and debt reduction.
Top 5 FAQs
1. What is the size of Hyundai's India IPO? Answer: $3.3 billion.
2. Who are the lead managers for the IPO? Answer: Kotak Mahindra Capital Company, Citigroup Global Markets India, and JP Morgan India.
3. What is the price range for the IPO? Answer: Rs. 824-829 per share.
4. What is the tentative listing date for the IPO? Answer: March 28, 2023.
5. Why is Hyundai's India IPO considered a landmark event? Answer: It is the largest IPO in Indian history and reflects the strong market position and growth potential of HMIL in India.
Conclusion
Hyundai Motor India's record-breaking IPO is a testament to the company's success and growth trajectory in India. It also highlights the increasing confidence of investors in the Indian stock market. The IPO proceeds will enable HMIL to continue its expansion and innovation efforts, further strengthening its position as a leading automotive player in India.
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