Hyundai India's weak debut one more among mega IPOs
weak debut on the bourses with the stock opening at ₹1,931 on Tuesday, over 1% below its Initial Public Offer (IPO) price of ₹1,960. The stock ended at ₹1,820.40, 7.1% below the issue price, continuing the first-day weak show trend among large IPOs.
Hyundai's ₹27,870 crore IPO last week was the largest ever in India's primary market.
«Since the issue size was large, it took away the possibility of the share price seeing any scarcity premium on the listing day,» said Mrunmayee Jogalekar, auto research analyst at Asit C Mehta Investment Intermediates. «The lack of retail participation and the near-term concerns on the auto sector led to the tepid listing.»
The previous two large IPOs — Life Insurance Corp. (LIC) and One97 Communications (Paytm) — had seen weak listings.
The country's second-largest car maker's market capitalisation on Tuesday was ₹1.47 lakh crore. The market value of Maruti Suzuki, its larger peer, stood at ₹3.74 lakh crore.
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