Hyundai Motor India IPO: India’s biggest public issue subscribed 42% on day 2, QIBs bid highest; Latest GMP here | Stock Market News

RsHyundai Motor India IPO: The much-awaited mainboard initial public offering (IPO) of leading auto major Hyundai Motor India will open for subscription in India’s primary market on Tuesday, October 15, 2024. Shares of the auto major will hit D-Street on October 22, 2024. The public issue will remain open for bidding for all investor groups until Thursday, October 17, 2024.

Hyundai Motor India IPO Details

The IPO of the Indian subsidiary of South Korea’s Hyundai Motor Company is set to become the largest public issue in India, surpassing the Life Insurance Corporation’s (LIC) IPO worth ₹21,000 crore, which opened for bidding in May 2022. Hyundai Motor India IPO is also one of Asia’s biggest IPOs recently.

Hyundai Motor India IPO opens for subscription on Tuesday, October 15 and closes on October 17, 2024. The allocation to anchor investors for the Hyundai Motor India IPO is scheduled for Monday, October 15. Hyundai Motor India IPO will open for anchor investors on Monday, October 14.

Tentatively, Hyundai Motor India IPO basis of allotment of shares will be finalised on Friday, October 18, and the company will initiate refunds on Monday, October 21, while the shares will be credited to the demat account of allottees on the same day following refund. Hyundai Motor India shares will debut on BSE, NSE with tentative listing date fixed as Tuesday, October 22, 2024.

Hyundai Motor India Limited’s IPO price band has been fixed at ₹1,865 to ₹1,960 per equity share with a face value of ₹10. The cap price shall be at least 105 per cent of the floor price and less than or equal to 120 per cent of the floor price. The floor price is 186.50 times the face value of the equity shares, and the cap price is 196.00 times the face value of the equity shares.

The minimum lot size for an application is seven shares, which means investors can bid for a minimum of seven shares and in multiples thereof. Tentaively, the minimum amount of investment required by retail investors is ₹13,720.

Hyundai Motor India plans to raise around $3.3 billion, or over ₹27,870.16 crore. Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 142,194,700 shares (14.22 crore shares) or a 17.5 per cent of its stake in the wholly owned unit to retail and other investors through the offer for sale (OFS) route. The IPO does not include any fresh issue component.

Hence, the book-built issue is an OFS of 14.22 crore shares with a face value of ₹10 each. After the IPO, the South Korean automaker will still hold an 82.5 per cent stake. If shares are priced at the top end of the range, the IPO effectively values the top automaker at $19 billion or ₹15,954 crore in the country’s biggest stock offering this year.