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19 Nov 2024
Report claims that Hyundai Motor Co. intends to achieve a target valuation of $ 19 billion for its India unit's initial public offering the IPO, which was quoted either by Bloomberg or by an insider within the persons familiar with the matter. The South Korean automobile company plans to divest 17.5% stake from Hyundai Motor India Ltd. (HMIL) and look to raise nearly $3.3 billion at the said valuation, the sources stated.
The IPO is expected to happen on 22nd of October in Mumbai and there are domestic and foreign institutions who have shown interest in the offering. The sources highlighted that quite a number of asset managers, insurers, pension funds, and sovereign wealth funds have preliminarily shown interest in the issue.
Hyundai Motor Co is likely to submit fresh filings with India’s stock market regulator – Securities and Exchange Board of India (Sebi) as early as Monday. However, such sources noted that some parameters, such as the size, the value, and the timing of the IPO are subject to changes, as discussions are still ongoing.
In the case of Hyundai's IPO, it can be said that it is more likely to break the record that was held by Life Insurance Corporation of India (LIC) back in 2022 when it raised $2.5 billion. If achieved, it would also rank among the largest IPOs in Asia over recent years.
An overwhelmingly strong economy has sustained the equity market in India and there is still a huge demand from the investors’ side. Bloomberg has compiled data stating that Indian corporates have raised more than $9 billion in IPOs this year already which is two times what was raised in the same time-frame last year.
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