Hyundai Motor India, the country’s second-largest car manufacturer, has announced a price range of Rs 1,865-1,960 per share for its highly anticipated Rs 27,870-crore IPO. The public issue will open on October 15, with the parent company, Hyundai Motor Company, holding 82.5% of the Indian unit after the offer.
Key Details of the Hyundai Motor India IPO
The IPO is an offer-for-sale of 14.2 crore equity shares by Hyundai Motor Company, with no fresh issue component. The parent company is expected to receive the proceeds, which will be used primarily for listing Hyundai Motor India’s shares on Indian stock exchanges. At the upper price band, the Indian unit is valued at Rs 1.59 lakh crore, making it the largest automobile IPO in India since Maruti Suzuki in 2003.
Investment Details for Retail and Institutional Investors
Retail investors can bid for a minimum of seven shares, priced at Rs 13,720, with a maximum investment of Rs 1,92,080. Meanwhile, institutional investors can participate in the anchor book, open for one day on October 14, ahead of the public offering’s close on October 17.
