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19 Nov 2024
Hyundai Motor’s Indian business has filed draft papers for India’s largest initial public offerings (IPOs) on Saturday. This IPO, aimed at bolstering Hyundai’s brand presence and providing liquidity in the country, marks a pivotal moment in the automotive industry. Not only will this be the biggest IPO in the automotive space, it also surpasses the IPOs filed thus far on Dalal Street including the largest so far – LIC’s $2.5 billion issue in 2022.
Hyundai Motor’s Indian unit has applied for regulatory approval for a stock market listing in Mumbai, potentially marking the nation’s largest IPO. This move involves the South Korean parent company selling up to a 17.5% stake. If successful, Hyundai will become the first carmaker to go public in India in two decades, following Maruti Suzuki’s listing in 2003.
Hyundai’s draft prospectus does not disclose the pricing of the IPO or the company’s valuation. However, media reports indicate that Hyundai aims to raise approximately $2.5-$3 billion, with a potential valuation of up to $30 billion. This would position it as one of India’s largest IPOs, following the Life Insurance Corporation of India’s $2.5 billion issue in 2022.
According to the SEBI filing, Hyundai Motor will offer up to 14.2 crore equity shares for sale in the IPO out of a total of 81.22 crore shares.
The state-owned insurer, Life Insurance Corporation of India (LIC), led the public offering landscape with a monumental IPO in February 2022, raising approximately $2.45 billion. This remains the largest public float in India’s history.
In July 2021, Paytm, a leading mobile payments and digital money transfer firm, filed for an IPO and raised $2.19 billion, highlighting the growing influence of fintech in India’s market.
State-run miner Coal India showcased the diversity of India’s IPO landscape by raising nearly $1.82 billion through its IPO in August 2010, emphasizing the inclusion of various sectors.
A state-run reinsurer, raised $1.35 billion in August 2017, while SBI Cards and Payment Services, backed by the State Bank of India, garnered $1.24 billion in 2019, underscoring the financial sector’s strong presence in IPO activities.
An Indian food delivery platform competing with Swiggy, filed for an IPO in April 2021 and successfully raised $1.12 billion, demonstrating the tech sector’s growing prominence. With Hyundai Motor’s forthcoming IPO filing, India’s capital markets are set to witness another significant milestone, reflecting increasing investor interest and the strategic importance of the Indian market in global IPOs.
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