Hyundai Motor India, which got here out with the nation’s largest preliminary public providing (IPO) of Rs 27,870 crore, debuted on the inventory exchanges on Tuesday at an inventory worth of Rs 1,934 on the NSE. That is 1.3 p.c decrease than the problem worth of Rs 1,960.
- Hyundai diluted 17.5 p.c stake in its wholly-owned India unit
- This was the second IPO by a carmaker since Maruti Suzuki’s itemizing in 2003.
- The corporate raised round Rs 27,870 crore within the subject
The three-day IPO subscription noticed tepid investor curiosity within the first two days however a powerful demand from Certified Institutional Consumers (QIBs) on the ultimate day ensured the profitable completion. The problem drew subscriptions 2.37 occasions the variety of shares on supply.
The IPO by India’s second-largest carmaker surpassed Life Insurance coverage Corp’s Rs 21,000-crore providing two years in the past. This was additionally the primary IPO by a carmaker in India within the twenty years since Maruti Suzuki’s itemizing in 2003.
“At the moment’s itemizing exhibits that HMIL is a key a part of India. It demonstrates our dedication to this nice nation and ensures that our shareholders and HMIL will proceed to develop collectively,” mentioned Hyundai Motor Group Govt Chair Euisun Chung whereas talking on the itemizing ceremony.
Hyundai India’s IPO was a pure supply on the market. Not one of the proceeds of the problem will come to the Indian unit. The South Korean guardian firm Hyundai Motor Firm diluted 17.5 p.c stake in its wholly-owned India unit.
The automaker raised Rs 8,315.28 crore from 225 anchor traders final week. It finalized the allocation of 4.2 crore fairness shares to anchor traders for Rs 1,960 per share. India is the third largest marketplace for the South Korean firm, accounting for round 14 p.c of its world gross sales.
Kotak Mahindra, Citi Group, HSBC Securities, JP Morgan and Morgan Stanley are the lead book-running managers for the IPO.
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.