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Hyundai Motor India files for IPO: Report
It is the first IPO from a car maker after Maruti Suzuki went public in 2003.
South Korean car maker Hyundai’s India unit has filed a Draft Red Herring Prospectus (DRHP) with the country's market regulator, the Securities and Exchange Board of India (SEBI) for its IPO.
The Initial Public Offering, as per Reuters, will see the parent company sell a stake of up to 17.5% in the company. The stake sale will happen through the ‘offer for share’ route and the company will sell 14.2 crore shares.
Hyundai Motor India will not issue new shares.
The IPO is the first from an auto company after Maruti Suzuki went public in 2003. Listing of the equity shares "will enhance our visibility and brand image", and "provide liquidity and a public market" for the shares, the company said in the draft prospectus filed on Saturday.
Hyundai set up shop in India in 1996 and is, as per Reuters, India's second-biggest car maker by sales with a 15% market share of the 4.2 million passenger vehicles sold in the country in fiscal year 2024.