Hyundai Motor to sell 142.2 million shares, will be India's biggest IPO

  • Hyundai Motor Co. will sell 142.2 million shares in an initial public offering of its Indian unit, according to a draft red herring prospectus.
File photo of Hyundai logo (AP)
File photo of Hyundai logo

Hyundai Motor Co. will sell 142.2 million shares in an initial public offering of its Indian unit, according to a draft red herring prospectus.

Hyundai’s advisers for the share sale include Citigroup Inc., Kotak Mahindra Bank, JP Morgan Chase & Co, HSBC Holdings Plc and Morgan Stanley, according to the draft prospectus.

The automaker is seeking to raise about $2.5 billion in the IPO, with a potential listing planned by the end of the year, Bloomberg News reported previously, citing people familiar with the matter. That would make it one of the biggest on record in India, following Life Insurance Corp. of India’s 206 billion rupee ($2.5 billion) offering in 2022.

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Hyundai is potentially seeking a valuation of as much as $25 billion, the people said, asking not to be identified discussing private information. Hyundai Motor India Ltd. is the country’s second-biggest carmaker by sales.

First Published Date: 15 Jun 2024, 10:10 AM IST
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