Hyundai Motor India is all set to open its Initial Public Offering (IPO) next week. The share price range is expected to be between ₹1,865 to ₹1,960 potentially valuing the automaker at $19 billion (around ₹1.59 lakh crore), Reuters reported.
What Happened: This is Hyundai’s maiden stock market listing outside its home country, South Korea. It’s also the first carmaker to go public in India in nearly two decades since Maruti Suzuki’s IPO in 2003.
The $3 billion (around ₹25,000 crore) IPO will commence subscriptions for big institutional investors on October 14, and for retail and other categories from October 15-17 said the report. The company is expected to start trading in stock exchanges on October 22.
See Also: Tata Motors’ Punch Now India’s 4th Best Selling Car, Nexon Jumps To 7th Place
The IPO will not issue new shares but will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via an “offer for sale” route. Post-IPO, Hyundai will still hold 67 crore shares in Hyundai Motor India or an 82.5% stake.
Market regulator SEBI reportedly approved Hyundai’s IPO plans in September.
Read Next: Bharti Airtel Said To Eye Acquisition Of Another Loss-Making Tata Group Company
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.