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19 Nov 2024
Hyundai Motor Co has also picked investment banks Kotak Mahindra Capital and Morgan Stanley as its advisors for initial public offering of its arm Hyundai Motor India Limited on the domestic bourses, a report said. These banks are in addition to Citi, JP Morgan and HSBC Securities which had been engaged previously for the public issue.
The company targets to file the draft red herring prospectus (DRHP) for the Hyundai Motor India IPO with capital markets regulator Securities & Exchange Board of India (SEBI) by June-end or by July, Moneycontrol reported quoting sources.
The Hyundai Motor India IPO is likely to be purely an OFS (offer for sale) by the parent and slated to be India’s largest IPO, as the South Korean auto major plans to raise between $2.5 billion to $3 billion via the issue, the report added.
The IPO is likely to value the Indian arm at around $20 billion and the OFS figure as part of discussions currently is 15% which hasn’t been frozen yet, it said.
However, the valuation and IPO size haven’t been finalized which may vary depending on the company strategy and market conditions, the sources told Moneycontrol.
At present, the Life Insurance Corporation of India (LIC) IPO is the largest IPO in India which raised $2.7 billion in May 2022.
In FY24, Hyundai Motor India was India’s second largest carmaker after Maruti Suzuki in terms of passenger sales volumes.
The company earned a revenue of ₹60,000 crore with profit of ₹4,653 crore in FY23, the highest amongst the non-listed car manufacturers in the country.
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