"Hyundai Motors Indian subsi... > 경제기사 | economics

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[Alpha Biz= Reporter Kim Minyoung] Hyundai Motors Indian subsidiary is set to raise up to $3.5 billion approximately 4.85 trillion Korean won through an initial public offering IPO, as reported by Bloomberg citing sources on July 2nd local time. This IPO is expected to be Indias largest ever in its stock market history.

According to the report, Hyundai India plans to pursue listing on the Indian stock exchange between September and October. Prior to this, there will be a process to gauge investor interest over the coming weeks.


Currently, Hyundai aims to raise between $3 billion and $3.5 billion through the IPO of Hyundai India. Detailed specifics such as the exact size and timing of the offering are still under discussion. Local Indian media also reported the possibility of raising around $3 billion through this IPO.

The largest IPO in Indias history so far was by Life Insurance Corporation of India, which raised approximately $2.5 billion about 2,060 crore rupees in 2022. Hyundai Indias listing is expected to surpass this record and become the largest IPO in Asia in recent years.

In mid-June, Hyundai India submitted draft documents related to the IPO to the Securities and Exchange Board of India SEBI. In these documents, the company announced plans to publicly sell up to 142.2 million shares, which is 17.5% of the total 820 million shares outstanding. There will be no issuance of new shares in this offering.

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▶ Naver CEO Soo-Yeon Choi stated, We will not sell our stake related to Line in the short term.

▶ Lee Kuk-hwan, CEO of Woowa Bros, which runs Baedal Minjok, resigned.

▶ Hanwha Securities has lowered Hyundai Engineering amp; Constructions target stock price from 45,000 KRW to 40,000 KRW.

▶ The National Pension Services stake in E-Mart has decreased to 5.89%, while its stake in Shinsegae remains in the 10% range.

▶ Korean Air has stated that U.S. competition authorities have not requested the transfer of slots.

/ 알파경제 Kim Minyoung Reporter