look news india
New Delhi: Hyundai Motor India Limited (HMIL), the Indian unit of South Korea's leading automobile company Hyundai Motor, has announced its much-awaited IPO. The IPO will open for bidding i.e. subscription on 15th October. Hyundai Motor India gave this information on Wednesday. According to PTI news, the company has fixed the price band of Rs 1,865-1,960 per share in this IPO. The special thing is that this IPO will be India's biggest IPO.
According to band news, coming on October 17th
Talking about India's biggest IPO, earlier the IPO of public sector insurance company Life Insurance Corporation of India (LIC) was worth Rs 21000 crore. The South Korean automaker's IPO will close on October 17. Anchor investors will be able to bid for shares from October 14. The company said the proposed IPO will be entirely based on an offer for sale (OFS) of 14,21,94,700 shares by the company.
The last IPO of an automobile company came in the year 2003.
This IPO is important for the Indian industry as an automobile manufacturing company is launching its IPO after two decades. Earlier, Japanese automobile manufacturing company Maruti Suzuki had brought IPO in 2003. Parent company Hyundai is selling some of its stake through the sale offer route. Since this public issue is purely OFS, HMIL will not receive any proceeds from the IPO.
Visibility and brand image will increase
HMIL said it expects the listing of equity shares to enhance our visibility and brand image and provide liquidity and public market for the shares. The IPO size at the upper price band is Rs. The market valuation of the company after the issue is Rs 27,870 crore. 1.6 lakh crore. HMIL started operations in India in 1996 and is selling 13 models across various segments.