Hyundai Motor India IPO: Issue likely to open on October 15; price band set at ₹1,865-₹1,960

The price band for the public issue will likely be priced in the range of ₹1,865 and ₹1,960 per share, valuing the automaker at up to $19 billion.

For anchor investors, the share sale will open on October 14.

Hyundai is India's second largest automaker after Maruti. The auto major plans to launch its first India-made electric vehicle early next year.

The said IPO will be a complete offer for sale (OFS), which will involve its South Korean parent selling up to 17.5% of its stake in the wholly-owned unit to retail and other investors. 

Hyundai Motor India's IPO would be the largest in India, surpassing LIC's share sale of ₹21,000 crore. This development marks a significant milestone for the Indian industry, as it is the first automaker to go for an initial share sale in over two decades, after Japanese automaker Maruti Suzuki's listing in 2003.

Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital, and Morgan Stanley are the investment banks advising on the transaction, with law firm Shardul Amarchand Mangaldas acting as the company counsel, Cyril Amarchand Mangaldas as the banks' counsel, and Latham and Watkins acting as the international counsel, as per news reports. 

Hyundai Motor India September 2024 sales

Hyundai Motor India reported a 10% year-on-year decline in total sales to 64,201 units in September. It had sold a total of 71,641 units in September 2023.

Domestic dispatch of vehicles to dealers saw a 6% dip to 51,101 units last month from 54,241 units in the year-ago period.

Exports declined 25% to 13,100 units compared to 17,400 units in the year-ago period.

Hyundai COO Tarun Garg said SUVs now account for 70% of the company's overall sales.

"With the festive season kicking in, we have introduced many new models and variants to meet customers aspirations, and our dealer touch-points are fully geared up to delight customers with deliveries of their favourite Hyundai cars in this auspicious period," Garg added.