Hyundai Motors to Launch India's Biggest IPO of 2024

Hyundai Motor India is set to launch its Initial Public Offering (IPO) next week, marking a significant development as it becomes the first Indian carmaker to go public in two decades since Maruti Suzuki in 2003. The IPO is expected to be priced between ₹1,865 and ₹1,960 ($22 to $23) per share, with a potential valuation of up to $19 billion, making it the largest stock offering in India this year.

The IPO, valued at $3 billion, will open for institutional investors on October 14, followed by retail and other categories from October 15-17. Trading is expected to begin on October 22 on the Mumbai stock exchange. Notably, this will be Hyundai's first listing outside of South Korea.

Hyundai Motor India, the second-largest automaker in the country after Maruti Suzuki, is looking to regain market share by expanding its SUV lineup. The automaker also plans to introduce its first India-made electric vehicle in early 2024 and roll out at least two new gasoline-powered models tailored for the Indian market by 2026.

The IPO will not involve the issuance of new shares. Instead, it will be structured as an offer for sale (OFS), with Hyundai's South Korean parent selling 17.5% of its stake in the Indian unit. After the IPO, the parent company will retain 82.5% ownership, equivalent to 670 million shares.