Hyundai Motor India Limited's shares debuted on the stock market below their issue price, reflecting a decline of 1.5%. The IPO raised Rs 27,870.16 crores through an offer for sale of 14.22 crore shares, with the final issue price settled at Rs 1,960. Despite high expectations and a pricing range between Rs 1,865 and Rs 1,960 per share, Hyundai's share price fell further by 3% after the initial trading.
Despite a much-anticipated IPO, Hyundai Motor India's shares debuted below the expected price, causing disappointment among investors. However, the company has announced plans to expand into the lucrative electric vehicle market in India and modernize its plant in Tamil Nadu with an investment of Rs 1,500 crores. This move comes as the company aims to establish itself as a leader in the Indian automobile industry and cater to the increasing demand for environmentally friendly vehicles.
Ahead of the much-anticipated listing of Hyundai Motor India, global brokerages have initiated their coverage on the stock. They believe the company's technology and style, along with favorable market conditions, will drive high-quality growth. With an outperform rating and target prices ranging from Rs 2,225 to Rs 2,472, the stock is expected to see a strong debut on the bourses. Additionally, market experts recommend keeping a close watch on Hyundai's parent capabilities and new model launches, which could further drive the company's market share and stock performance. Get all the latest stock market updates and expert opinions on Zeebiz.com.
With the approval of the Hyundai Motor India IPO by Sebi and a debut share price below the IPO price, the company has announced plans for significant growth and expansion. This includes exporting electric vehicles to South Africa, building a mega test center in Telangana, and launching full EV models such as the Creta EV. Additionally, they will also be investing in upgrading their Tamil Nadu plant and establishing a hydrogen innovation center at IIT Madras. This move showcases Hyundai's commitment to investing and modernizing in India, which will have a significant impact on the automotive industry.