{"id":150262,"date":"2024-10-09T03:44:28","date_gmt":"2024-10-09T03:44:28","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/09\/hyundai-aims-to-raise-up-to-3-3-billion-in-record-india-ipo-times-of-india\/"},"modified":"2024-10-09T03:44:28","modified_gmt":"2024-10-09T03:44:28","slug":"hyundai-aims-to-raise-up-to-3-3-billion-in-record-india-ipo-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/09\/hyundai-aims-to-raise-up-to-3-3-billion-in-record-india-ipo-times-of-india\/","title":{"rendered":"Hyundai aims to raise up to $3.3 billion in record India IPO – Times of India"},"content":{"rendered":"
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The listing of Hyundai\u2019s India unit is set to break the record set by LIC.<\/span><\/div>\n<\/section>\n<\/div><\/div>\n

Hyundai Motor Co is seeking to raise as much as $3.3 billion through an initial public offering of its Indian unit, kicking off the country\u2019s biggest-ever listing.
Hyundai Motor India Ltd set the price range at 1,865 rupees ($22) to 1,960 rupees per share, according to terms of the deal obtained by Bloomberg News.
With Hyundai selling as many as 142.2 million shares, or a 17.5% stake, the IPO effectively values India\u2019s second-biggest carmaker by sales at $19 billion if shares are priced at the top end of the range, the terms showed, confirming a Bloomberg News report on Friday.
The unit isn\u2019t selling any new shares in the IPO and the entire proceeds will go to the parent firm. The IPO will open for bids next week from October 15 to October 17, and shares are expected to start trading from October 22, according to the red herring prospectus published Tuesday. Anchor investors can put in orders on Monday.
The listing of Hyundai\u2019s India unit is set to break the record set by Life Insurance Corp of India, which raised $2.7 billion in 2022. It would also be one of Asia\u2019s biggest IPOs in recent years.
Investor enthusiasm over India\u2019s high growth rate and lofty valuations have encouraged a record number of companies to go public, making the nation the world\u2019s busiest IPO market. More than $9 billion has been raised through over 250 IPOs so far this year, and more large listings are in the pipeline, including that of Indian food-delivery platform Swiggy Ltd.
India\u2019s IPO market has been on a tear as a steady stream of inflows from savers has helped buoy stocks and boost liquidity, prompting multinational firms and private equity sponsors to consider monetizing their holdings in the country.
Hyundai\u2019s advisers for the share sale are Kotak Mahindra Bank Ltd, Citigroup Inc, HSBC Holdings Plc, JPMorgan Chase & Co, and Morgan Stanley, according to the share sale document. <\/div>\n