Hyundai Motor plans to enter the Indian capital market

12 Jun 2024 CW Team

It is anticipated that the Indian unit of Hyundai Motor, a company based in Korea, will submit a draft red herring prospectus (DRHP) to the market regulator Sebi within the next two weeks, signaling the commencement of procedures for an initial public offering.

If successful, this event would represent the first IPO by an automaker in India in over two decades since the listing of Maruti Suzuki, the country's largest car manufacturer, in 2003.

Following the submission of the DRHP, it is expected that the management of Hyundai Motor India will initiate investor roadshows in India and overseas from the following month, as disclosed by an investment banker. The individual chose not to disclose their identity due to the confidential nature of the discussions.

Sebi is anticipated to grant its approval within 60-90 days subsequent to the filing of the DRHP, indicating that Hyundai Motor India's IPO may potentially enter the market in September or October.

The company has enlisted the services of investment bankers such as Citibank, Morgan Stanley, Kotak Mahindra, HSBC, and JPMorgan to oversee the IPO.

Hyundai aims to take advantage of the bullish trend in the Indian equities market, which has recorded an annual return of 14% over the past decade, placing it among the top five best-performing markets globally. In February that Hyundai is targeting a valuation of $ 22-28 billion for its Indian subsidiary and is contemplating selling a 15-20% stake through the IPO, which would solely consist of an offer for sale by the Korean parent company.

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