Hyundai Motor India is set to launch a $3 billion IPO, with subscriptions for institutional investors opening on October 14 and bids from retail and other categories accepted from October 15-17, 2024. The IPO is expected to be priced between ₹1,865 and ₹1,960 ($22 to $23) per share, potentially valuing the automaker at up to $19 billion, making it the largest stock offering in India this year.
This will mark Hyundai’s first stock market listing outside South Korea and will be the first public offering by an automaker in India in two decades, following Maruti Suzuki’s listing in 2003. The Indian stock markets recently reached record highs, with several companies making their market debuts.
The IPO will not involve the issuance of new shares; instead, it will consist of Hyundai’s South Korean parent selling up to 17.5% of its stake in the wholly owned subsidiary through an “offer for sale” mechanism. After the IPO, Hyundai will retain 670 million shares, representing an 82.5% stake in Hyundai Motor India.
The stock is anticipated to begin trading in Mumbai on October 22. Hyundai, which is the second-largest automaker in India after Maruti, aims to regain market share from domestic competitors by expanding its SUV lineup. The company also plans to launch its first India-made electric vehicle early next year and introduce at least two gasoline-powered models tailored to the Indian market starting in 2026.
