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19 Nov 2024
Hyundai Motor India has sought approval for what could be the biggest-ever initial public offering in India, lifting shares of its South Korean parent.
Shares of Hyundai Motor in Seoul rose as much as 6.3% to 285,000 won ($206.03) Monday on expectations that its valuations would be boosted, after Hyundai Motor India filed a preliminary prospectus to stock market regulators over the weekend for approval to list in India.
The Hyundai Motor Indian subsidiary plans to offer up to 142.2 million shares, or about a 17.5% stake, to investors in the proposed IPO. It doesn’t plan to issue new shares.
Seoul-based Eugene Investment & Securities analyst Lee Jae-il expects the unit’s offering could raise as much as $3 billion. An IPO of that size would be India’s biggest listing ever, surpassing the $2.46 billion raised by India’s Life Insurance in 2022.
Lee said in research note that he expects parent Hyundai Motor’s valuation to be lifted by 19%, or more than KRW10 trillion, if its Indian unit is listed.
Still, a listing isn’t a certainty. Hyundai Motor in a regulatory filing in Seoul Monday said it would decide later whether or not the IPO goes as planned, depending on market conditions and investor demand.
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