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Hyundai Motor India Ltd, the Indian branch of South Korean automaker Hyundai, has received approval from the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO). This is significant as it’s the first IPO for an automaker in India in over 20 years, following Maruti Suzuki’s listing in 2003.
Hyundai’s IPO will consist entirely of an Offer-for-Sale (OFS) of 142,194,700 equity shares by its parent company, Hyundai Motor Company, with no new shares being issued. This means Hyundai Motor India will not receive any funds from the IPO, as the shares are being sold by the parent company to dilute some of its stake.
Sources indicated that Hyundai is looking to raise at least USD 3 billion through the IPO and may sell 15-20% of its stake, potentially bringing in between USD 3.3 billion and USD 5.6 billion.
Hyundai began its operations in India in 1996 and currently offers 13 different models across various segments. Last month, Ola Electric Mobility also completed a successful IPO, raising ₹6,145 crore.
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