Hyundai planning mega IPO around Diwali: Report
- India has emerged as the third-most significant market for Hyundai across the world.
Hyundai has been present in India for over three decades and is one of the leading car manufacturers in the country. The South Korean auto giant has operates from its headquarter in Gurugram and has its main manufacturing facility just outside of Chennai in Tamil Nadu. And it is now learnt that the company may be preparing an initial public offer or IPO which could also be one of the largest in the market.
As per a source-based report in Economic Times, Hyundai Motor Co. is considering plans to list its India subsidiary in a bid to make the most of India's IPO prowess. The report further speculates that the IPO may be brought out around the Diwali period in the country and may be the largest if it comes to fruition. At present, LIC holds the distinction for having the largest IPO with an issue size of ₹21,000 crore.
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Hyundai Motor India (HMIL) has been the second-largest vehicle manufacturer in the country for quite some time, behind only Maruti Suzuki India Limited. India has now emerged as the third largest market for Hyundai across the world and as such, holds tremendous significance for the global fortunes of the company. The Economic Times further reports that a number of top global investment banks like Goldman Sachs, Morgan Stanley, JP Morgan and Bank of America - among others - presented their IPO proposals to Hyundai's top bosses in Seoul. The financial institutions reportedly pegged Hyundai Motor India's valuation at between $22 billion and $28 billion.
All discussions related to a Hyundai IPO in India, however, are in initial stages and will depend on how further talks materialise as well as on the country's capital markets and economic factors.
