The Indian subsidiary of South Korean automaker Hyundai is set to launch a $3.34 billion initial public offering (IPO), the largest in the country’s history, aiming to deepen its presence in the Indian market. Hyundai is set to list one of its subsidiaries outside of South Korea for the first time. The IPO will be available for public subscription from October 15 to October 17, with anchor investors able to submit bids on October 14.
Tarun Garg, COO of Hyundai Motor India Ltd (HMIL), stated that after 26 years in India, the company believes it is the right time to further localize its operations. Hyundai currently holds the second-largest share in the Indian passenger vehicle market. Garg added that the IPO reflects the brand’s desire to become the most trusted name in India, benefiting from the country’s strong economic growth, which has outpaced global averages in recent years.
As Hyundai continues to expand, including the development of a new plant in Pune, the company sees this IPO as an opportunity to involve both local and global investors in its growth story. Garg emphasized that the offering would help Hyundai pursue global standards in operations, governance, and excellence.
HMIL has set the price range for the IPO at $22.43 to $23.58 per share, valuing the company at $19 billion. The IPO size at the upper range is pegged at $3.34 billion, surpassing the $2.62 billion offering by Life Insurance Corporation of India (LIC) in 2022.
