Hyundai Motor India Share: Shares of Hyundai Motor India Limited, the Indian unit of South Korean vehicle manufacturing Hyundai, had a poor start in the market on Tuesday. The company’s shares were listed at Rs 1,931, a premium of 1.47% compared to its issue price of Rs 1,960, and had fallen by 7% during trading. However, today on Wednesday these shares rose by 6% and reached an intraday high of Rs 1928.15. Here, the domestic brokerage firm has given buy rating on this stock. Motilal Oswal Financial Services has Buy recommendation on Hyundai Motor India with a target price of Rs 2345.0.
Country’s fifth most valuable automobile company
Let us tell you that Hyundai Motor India Limited (HMIL) had become the fifth most valuable automobile company in the country in terms of market cap on the day of its listing in the stock market on Tuesday. Hyundai Motor India Ltd’s IPO was subscribed 2.37 times till the last day of the offer. The price band of Rs 1,865-1,960 per share was fixed for the Rs 27,870 crore IPO of Hyundai Motor India Limited (HMIL).
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“Despite being listed at a lower issue price, the company’s strong fundamentals will continue to support its long-term growth prospects,” said Shivani Nyati, head of property at Swastika Investmart Ltd.
The country’s largest IPO was
This was the largest IPO in the Indian stock market. It overtook the Rs 21,000 crore IPO of Life Insurance Corporation of India (LIC). The qualified institutional buyers (QIB) category received 6.97 times subscription, while the non-institutional investors quota was subscribed 60 per cent. The reserve quota for retail investors was subscribed 50 percent. Hyundai Motor India Limited (HMIL) raised Rs 8,315 crore from large (anchor) investors before the issue opened.
