Hyundai Motor India files draft papers with Sebi for record IPO of around $3 billion
Hyundai Motor India Limited was India's second largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes. The firm ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore, the highest amongst the non-listed car manufacturers
South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited has filed draft papers with market regulator Sebi to raise around ... moreHyundai Motor India files draft papers with Sebi for record IPO of around $3 billion
Hyundai Motor India Limited was India's second largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes. The firm ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore, the highest amongst the non-listed car manufacturers
South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited has filed draft papers with market regulator Sebi to raise around $3 bn via an initial public offer (IPO) at a targeted valuation between $18 bn to $20 bn, multiple sources in the know told Moneycontrol on the condition of anonymity.
If the listing plans fructify, this deal, a pure OFS or offer for sale by the promoter, would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 2022.
On July 14, Moneycontrol had reported that the Indian unit of the auto giant would shortly file papers with the regulator.
"The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," said the July 14 draft red herring prospectus (DRHP) reviewed by Moneycontrol.
"Further, our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India," the DRHP added.
