Hyundai Motor India IPO sees 18% subscription on Day 1

The Hyundai Motor India (HMIL) IPO saw a slow start on its first day of bidding. On Tuesday, 80% of the employee quota was subscribed, while retail investors subscribed to 26% of their allotted shares. Initial investor interest was muted. The subscription period continues, and more activity is expected in the coming days as institutional and high-net-worth individuals enter the fray.

On the first day of Hyundai Motor India Ltd's (HMIL) IPO, the issue was subscribed 18%, with non-institutional investors (NIIs) and qualified institutional buyers (QIBs) placing bids for 13% and 5% of their respective quotas. The automaker, aiming to raise Rs 27,856 crore through the IPO in Indian history, received 1.78 crore bids out of the nearly 10 crore shares on offer. Hyundai’s IPO is entirely an offer-for-sale (OFS) by its South Korean parent, with shares priced between Rs 1,865 and Rs 1,960, open until October 17. The company raised Rs 8,315.3 crore from anchor investors, ahead of its IPO.

Hyundai Motor India's shares are seeing a 3.01% premium in the grey market, trading above their issue price of Rs 1,960 (upper price band). The IPO is expected to list on October 22.