South Korean auto manufacturer Hyundai’s Indian unit is planning to raise about Rs 25,000 crore through an initial public offering (IPO) in the domestic stock market soon. Sources related to the development said on Friday that the company may soon file preliminary draft documents with SEBI for approval of the IPO. If the company’s IPO gets SEBI’s approval, it will be India’s largest public issue. It will also surpass LIC’s Rs 21,000 crore IPO that came two years ago.
The biggest IPO in the country
Sources said that under the proposed IPO, Hyundai Motor India Limited (HMIL) can sell 15-20 percent stake. He said that the company can soon file its papers with the Securities and Exchange Board of India (Sebi). However, when contacted in this regard, HMIL company declined to comment. Hyundai’s IPO will prove to be an important milestone for Indian industry. Hyundai will be the first automaker to offer initial share sale since the country’s largest automaker Maruti Suzuki was listed in 2003. Earlier this week, electric two-wheeler company Ola Electric has received approval from capital market regulator SEBI to bring IPO.
second largest car manufacturer
In terms of passenger vehicle sales in the country, Hyundai has been the second largest car maker in FY 2024. Maruti Suzuki was at number one. Hyundai India had a revenue of Rs 60,000 crore in FY 2023. At the same time, a profit of Rs 4,653 crore was recorded.
(With PTI inputs)
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