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What Hyundai Motor India COO Tarun Garg said ahead of carmaker's ₹27,870 crore IPO

Upstox
By Upstox News Desk

2 min read | Updated on October 10, 2024, 14:51 IST

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SUMMARY

Hyundai Motor India IPO: The ₹27,870.16 crore IPO of Hyundai Motor India will be open for subscription from October 15 to October 17. The price range has been fixed at ₹1,865-₹1,960 per equity share.

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Hyundai Motor India was incorporated in 1996 and currently sells over 13 models.

Hyundai Motor India IPO: Ahead of Hyundai Motor India's IPO next week, the company's Chief Operating Officer (COO), Tarun Garg, noted that the carmaker has been successful in India for more than 26 years. He also said that Hyundai Motor India enjoys a strong advantage due to access to its parent company's technologies.

Garg, speaking to Moneycontrol, said that the the company is looking to launch the electric model of Creta in the fourth quarter of the financial year 2024-25 (FY25).
"I cannot divulge the future product portfolio, but Creta EV, which we have already announced in the RHP, could be a very huge opportunity for us because Creta is a very strong brand," he was quoted as saying by Moneycontrol.

The Hyundai Motor India COO is also "very optimistic" about the Indian auto market. He said that despire headwinds in last few months, the footfalls in the showrooms as well as bookings have increased due to the festive season.

Also Read: Hyundai Motor India IPO: From strengths and risks to financials, five things to know

Hyundai Motor India IPO to open on October 15

The ₹27,870.16 crore IPO of Hyundai Motor India will be open for subscription from October 15 to October 17. The price range has been fixed at ₹1,865-₹1,960 per equity share.

The proposed initial share sale is solely a fresh issue of 14,21,94,700 shares by parent Hyundai Motor Company.

Also Read: Hyundai Motor India IPO: Lot size, key dates and all you need to know

Notably, this is the first IPO of a carmaker in more than two decades after Maruti Suzuki's listing in 2003.

The company expects that listing shares "will enhance our visibility and brand image and provide liquidity and a public market for the shares".

Hyundai Motor India was incorporated in 1996 and currently sells over 13 models.

To learn more about IPOs listing, schedule and upcoming IPOs, click here.
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