Hyundai India approves biggest IPO of Rs 25,000 crore | News India

Mumbai: South Korean automaker Hyundai India has received approval from the Securities and Exchange Board of India for its IPO. Hyundai filed papers with SEBI in June 2024. The company is looking to raise around Rs. Valuation of around Rs 1.67 lakh crore. Plans to raise 25,000 crore. Along with Hyundai, food delivery app Swiggy has also got the green signal from SEBI. Swiggy submitted draft papers for IPO in April.

In FY24, Hyundai, India's largest carmaker after Maruti, set up its first plant in India in 1998. This was followed by another plant in 2008. The carmaker is offering 14.2 crore shares with a face value of Rs 10.

Which has about 17.5 percent stake in the company. At present, no official announcement has been made by the company. But, the IPO is likely to come in October.

Hyundai's IPO will surpass the listing of state-owned Life Insurance Corporation of India of about Rs. 21,000 crore to become the country's largest IPO. But, Reliance Jio's IPO will continue to increase its number-1 position. Jio is expected to raise about Rs. 55,000 crore from the market. Maruti Suzuki's IPO came in 2003. Apart from this, Tata Motors and Mahindra & Mahindra are listed on the Indian stock market.

The food delivery startup's IPO comes three years after its rival Zomato's IPO. Swiggy had submitted draft papers for the IPO in April. Swiggy plans to raise Rs 10,000 crore from the market. Which will make it India's sixth largest IPO. In April 2021, its rival company Zomato brought an IPO of Rs. 9,375 crore. It was oversubscribed 38 times.

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