Hyundai Motor, a major Korean automaker, plans to raise up to Rs 25,000 crore (about $3 billion) through an initial share sale (IPO) of about 17% of its Indian business. This could be India’s largest IPO to date.
With this, Hyundai will join other major participants in the automotive industry who are raising money through the capital markets, including Maruti Suzuki, Mahindra & Mahindra, and Tata Motors. A proposal for an initial public offering (IPO) has been approved by market regulator Sebi for Ola and other companies.
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The Korean company’s Indian division, which has been getting ready for the IPO for the past year or so, is probably going to submit the draft red herring prospectus (DRHP), which will include information on growth prospects, fund-raising strategies, and other important financial parameters, to Sebi very soon.
In its first public offering (IPO), Hyundai India will only sell its current shareholders’ shares; no new shares will be issued. Some merchant bankers will oversee the offer, including Citi India, JP Morgan India, and Kotak Mahindra Capital.
Prior to the IPO, Hyundai made clear that it intended to accelerate its growth, stating that it would reach one million units produced annually in the nation by 2025, with a primary emphasis on reasonably priced electric vehicles that it would manufacture domestically.
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