The South Korean automaker Hyundai Motor India Limited filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) on Saturday in an effort to raise about $3 billion (Rs 25,000 crore).
Hyundai Motor India Files Draft Papers for Rs 25,000 Crore IPO
As stated in the DRHP, the purpose of the offer is to fulfill the Promoter Selling Shareholder’s Offer for Sale of up to 142,194,700 (more than 142 million) Equity Shares at a face value of Rs 10 apiece, as well as to reap the benefits of listing the Equity Shares on Wall Street.
Furthermore, according to Hyundai Motor India’s DRHP, “our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India.”
The largest initial public offering (IPO) in the nation would take place if the regulator approves the listing. This will surpass the $2.7 billion listing of the state-owned Life Insurance Corporation of India (LIC) in 2022.
For its debut into the public market, the manufacturer has enlisted the support of international investment banks including Kotak Mahindra, Citibank, Morgan Stanley, JP Morgan, and HSBC.
Hyundai Motor India recorded a 7% YoY increase in total sales in May, reaching 63,551 units.
Second largest auto makers, Hyundai Motor India Files Draft Papers
In terms of passenger sales volumes, Hyundai Motor India was the nation’s second-largest automaker in FY24, behind Maruti Suzuki.
The business opened its first manufacturing facility in India in 1998, followed by a second in 2008.
Hyundai Motor Group has unveiled fresh investment plans worth over five trillion won ($3.75 billion) in India over the course of the last year. Read more post…
Account opning link:
- Groww Account- https://app.groww.in/v3cO/kyrp1zph
- Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906
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