RsHyundai Motor India IPO: The much-awaited Initial Public Offering (IPO) of auto major Hyundai Motor India will open for subscription in India’s primary market on Tuesday, October 15, 2024. The shares of the auto major will hit D-Street on October 22. October 2024. The public issue will remain open to bidding for all investment groups until Thursday, October 17, 2024.
Hyundai Motor India IPO Details
The initial public offering of the Indian subsidiary of South Korea’s Hyundai Motor Company will become the largest public issue in India, surpassing the value of the initial public offering of Life Insurance Corporation (LIC). $21,000 crore, which opened for bidding in May 2022. Hyundai Motor India IPO is also one of the largest IPOs in Asia recently.
Hyundai Motor India IPO opens for subscription on Tuesday, October 15 and closes on October 17, 2024. Allotment to anchor investors for Hyundai Motor India IPO is scheduled for Monday, October 15. Hyundai Motor India’s IPO will open for anchor investors on Monday, October 14.
Tentatively, the basis of allotment of shares of Hyundai Motor India IPO will be finalized on Friday, October 18 and the company will initiate redemptions on Monday, October 21, while the shares will be credited in the demat account of the allottees on the same day after refund. . Hyundai Motor India shares will debut on BSE, NSE with a tentative listing date set for Tuesday, October 22, 2024.
Hyundai Motor India Limited IPO price band set at $1865 to $1,960 per share with a nominal value of $10. The maximum price will be at least 105 percent of the minimum price and less than or equal to 120 percent of the minimum price. The minimum price is 186.50 times the par value of the shares and the maximum price is 196.00 times the par value of the shares.
The minimum lot size for an application is seven shares, which means that investors can bid for a minimum of seven shares and in multiples thereof. Tentatively, the minimum investment amount required by retail investors is $13,720.
Hyundai Motor India plans to raise around $3.3 billion or more $27,870.16 million rupees. Hyundai will not issue new shares in the IPO, which will involve its South Korean parent selling up to 142,194,700 shares (14.22 million shares) or 17.5 percent of its stake in the wholly owned unit to retailers and others investors through the offer for sale (OFS) route. The IPO does not include any newly issued components.
Therefore, the recorded issue is an OFS of 14.22 million shares with a par value of $10 each. After the IPO, the South Korean automaker will continue to hold an 82.5 percent stake. If the stock is priced at the high end of the range, the IPO effectively values the major automaker at $19 billion or $15,954 crore in the country’s largest share offering this year.
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