Hyundai is reportedly planning to launch India's largest-ever IPO this Diwali

Gajanan Kashikar Published: February 05, 2024, 12:59 PM IST

Hyundai Motor Corporation is planning to launch an India IPO (Initial Public Offering) for its arm, Hyundai Motor India Limited (HMIL), around this Diwali. Bankers have valued the company at $22-$28 billion and with this, Hyundai is likely exploring a dilution between 15 and 20 per cent to raise $3.3-5.6 billion, which could make it the biggest IPO in the country. It would make it an IPO bigger than LIC, which had an issue size of Rs 21,000 crore.

According to Economic Times sources, the work has already commenced at the company headquarters and the momentum for this is likely to pick up pon the forthcoming Lok Sabha elections in India.

Maruti Suzuki and Tata Motors have a valuation of Rs 33.4 trillion and Rs 29.3 trillion, respectively. Whereas, the valuation of Hyundai Motor India Limited would be approximately Rs 23.3 trillion, which would make it more valuable than Mahindra & Mahindra and Bajaj Auto.

Incorporated on 6 May, 1996, Hyundai Motor India is likely to be listed on the Indian stock market nearly after 3 decades. In fact, HMIL was India's second-largest passenger vehicle manufacturer in 2023, after Maruti Suzuki. It is said that investment bank giant, such as Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America, HSBC, Deutsche Bank, UBS, and Citi, are contending for the likely Hyundai India IPO. In fact, representatives of the said banks already communicated with the Hyundai leadership in the previous week in Seoul, South Korea.

Hyundai Motor India Limited recently signed a Memorandum of Understanding (MoU) with Uday Samant, Industries Minister, Maharashtra at World Economic Forum in Davos as it has committed to invest Rs 6,000 crore in the state. It has acquired a General Motors' facility in Maharashtra, which will be ready for production in 2025.

Source - Economic Times

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