Hyundai Motor India files draft IPO papers with Sebi

| | New Delhi
  • 0

Hyundai Motor India files draft IPO papers with Sebi

Sunday, 16 June 2024 | PTI | New Delhi

Hyundai Motor India Ltd (HMIL), the Indian arm of South Korean automaker Hyundai, has filed preliminary papers with Sebi to launch an initial public offering (IPO).

The company’s IPO, if it goes through, would be the largest in India, surpassing LIC’s share-sale of Rs 21,000 crore.

The proposed IPO is entirely an offer for sale (OFS) of 142,194,700 equity shares by Hyundai Motor Company, with no fresh issue component, according to the draft red herring prospectus (DRHP).

In February this year, sources had confirmed that the parent, Hyundai Motor Company is looking to raise at least USD 3 billion (around Rs 25,000 crore) through an IPO. It may dilute 15-20 per cent stake in HMIL to raise funds, the sources added.

Since the public issue is completely an OFS, Hyundai Motor India Ltd, the second largest carmaker in India after Maruti Suzuki India, will not receive any proceeds of the IPO.

This development marks a significant milestone for the Indian industry as it will be the first initial share-sale by an automaker in over two decades, following Maruti Suzuki’s listing in 2003.

Earlier this week, electric two-wheeler company Ola Electric received Sebi’s clearance to raise funds through an IPO.

Sunday Edition

Astroturf | Om – The Shabda Brahman

21 July 2024 | Bharat Bhushan Padmadeo | Agenda

A model for India's smart city aspirations

21 July 2024 | Gyaneshwar Dayal | Agenda

A tale of two countries India and China beyond binaries

21 July 2024 | Gyaneshwar Dayal | Agenda

Inspirations Behind Zaira and Authorship Journey

21 July 2024 | Professor Vinita Dhondiyal Bhatnagar | Agenda

LOBSTER LOVE

21 July 2024 | Pawan Soni | Agenda