look news india
Hyundai Motors India, the Indian unit of auto sector giant Hyundai, is bringing the country's biggest IPO. The auto company had submitted draft papers to SEBI and has now received the approval of the market regulator. The company plans to raise an amount equivalent to $3 billion from the Indian stock market through the IPO. Earlier, LIC had won the title of bringing the country's biggest IPO.
Automaker company's IPO after two years
Based on passenger vehicle sales volume, Hyundai Motors India Company is the largest company in the country after Maruti Suzuki in FY 2024. Maruti Suzuki's market cap is close to $48 billion. Maruti Suzuki's IPO came in the year 2023. After 20 years, an IPO of an auto manufacturer is coming in India and its size market cap is more than the largest IPO launched so far. While Hyundai Motor India is targeting a valuation of between $18 and $20 billion from the IPO.
The company may sell 17.5 percent stake
Hyundai generates the highest revenue in the country after the US and South Korea. This company will raise capital by bringing IPO. It can also expand its capacity by gaining market momentum. According to reports, the Korean company may sell its 17.5 percent stake in Hyundai Motor India Limited. Hyundai has engaged investment banks like Kotak Mahindra, Morgan Stanley, JP Morgan to facilitate its public market entry and make it successful. After SEBI's approval, the company may soon share the price band and other details of Hyundai IPO.
Till now the record is in the name of LIC
LIC holds the record for bringing the biggest issue in the history of the Indian IPO market. LIC launched an IPO in the year 2022 to raise $2.7 billion. But this record is now close to being broken. Because automobile sector giant Hyundai Motors is bringing an IPO. Market regulator SEBI has given it the green signal, paving the way for the launch of Hyundai IPO soon and it is expected to open next month in October-2024.