Hyundai Motor Co. is gearing up for a potentially record-breaking initial public offering of its Indian subsidiary, aiming to raise up to 4.4 trillion won ($3.26 billion) on the Mumbai Stock Exchange. The South Korean automaker has set the price range for the offering at 1,865 to 1,960 Indian rupees per share, valuing the unit at approximately 25 trillion to 26 trillion won.
The IPO, slated for October 22, would mark the largest in India’s stock market history, surpassing the 2022 listing of Life Insurance Corp. of India. Hyundai plans to offer 142.19 million shares, representing 17.5% of its Indian subsidiary, through a secondary offering.
Public subscription for the shares is scheduled from October 15 to 17. The move comes after Hyundai filed a draft prospectus with Indian regulators in June, signaling its intent to capitalize on the growing Indian auto market.
Hyundai’s Indian journey began in 1996 with the establishment of its subsidiary, followed by the launch of its first locally produced model, the Santro, in 1998. This IPO reflects the company’s long-term commitment to the Indian market and its strategy to unlock value from its overseas operations.
