Hyundai India eyes record $3.5 billion IPO
Hyundai Motor India Ltd. plans to start gauging investor interest in the coming weeks, with a listing likely in September or October, the people said, asking not to be identified as the information isn’t public.
The carmaker is targeting a deal size of at least $3 billion, potentially rising to as much as $3.5 billion, the people said. Details such as the size and timing of the offering are still under discussion and may change, they said.
A representative for Hyundai India declined to comment. IFR and India media have previously reported the IPO could raise about $3 billion.
An IPO of that size would break the record set by Life Insurance Corp. of India, which raised 206 billion rupees ($2.5 billion) in 2022. It would also be one of Asia’s biggest IPOs in recent years.
Hyundai filed a draft red herring prospectus with the market regulator in mid-June, saying it would sell a 17.5% stake, or 142.2 million shares. The unit isn’t selling new shares in the IPO and the proceeds will go to the parent, it said.
Almost $5 billion has been raised via IPOs in India this year, more than double the amount by this stage last year, data compiled by Bloomberg show.
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