Hyundai Motor India Limited is expected to announce important news about its initial public offering (IPO) soon.
Reports suggest that the IPO may open for investment after the Dussehra festival, specifically on October 14.
The price range for the shares will likely be revealed by the middle of next week. Additionally, there is already strong interest in this IPO in the gray market.
Key Details of the IPO
According to a report from Moneycontrol, Hyundai Motor India’s IPO has received approval from SEBI, the regulatory body for securities in India.
The shares are showing a gray market premium of Rs 350. Hyundai Motor India began its operations in India in 1996 and currently offers 13 models across various segments.
This will be the first IPO from an automobile manufacturer in India in nearly 20 years, following the listing of Maruti Suzuki in 2003.
Record-Breaking Potential
Hyundai plans to raise at least $3 billion (approximately Rs 25,000 crore) through this IPO.
If successful, it will become the largest IPO in India, surpassing the previous record held by the Life Insurance Corporation of India (LIC), which was valued at Rs 21,000 crore.
The IPO documents were filed in June, and it will feature a sale offer of 14,21,94,700 shares by the promoter, Hyundai Motor Company.
