IPO All the old records in the market are going to be broken. Actually, Hyundai Motors India is going to bring the biggest IPO in the country. According to the information received, Hyundai Motors India Limited on Saturday submitted a Draft Red Herring Prospectus (DRHP) to the Securities Exchange Board of India (SEBI) to bring an IPO of Rs 25,000 crore (about $ 3 billion). This will be the biggest IPO in the country till now. Earlier this record was in the name of LIC. LIC had introduced an IPO in the year 2022 to raise $ 2.7 billion.
Shares will be sold by the promoters
In the information given in the DRHP, it was told that under this IPO, the company will sell 14,21,94,700 shares with a face value of Rs 10 under the Offer for Sale (OFS). In this OFS, shares will be sold by the promoters of the company. The company further said that through the IPO, the firm wants to get the benefits of listing by listing the equity shares on the exchange. We hope that listing of equity shares will increase visibility and brand image.
He was appointed as an investment bank
If Hyundai Motors’ IPO gets approval from SEBI, it will be the biggest IPO ever. Currently, the $2.7 billion IPO brought by Life Insurance Corporation of India (LIC) in 2022 is the biggest IPO ever. Kotak Mahindra, Citibank, Morgan Stanley, JP Morgan and HSBC have been appointed as global investment banks by Hyundai Motors for its entry into the stock market.
The country’s second largest auto company after Maruti
In May, Hyundai Motors India’s sales grew 7 percent year-on-year and stood at 63,551 units. Hyundai Motors is the second largest company in the country after Maruti Suzuki in terms of passenger vehicle sales. The company set up its first manufacturing plant in India in 1998, while the second was started in 2008. Last year, Hyundai Motors Group announced an investment of about $ 3.75 billion in India.
Inut:IANS
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