Hyundai Motor is expected to debut its Indian unit, Hyundai Motor India, on India’s stock market as part of the Korean carmaker’s efforts to increase its presence in the world’s third-largest auto market, according to the company and industry officials, Sunday.
“Hyundai Motor, which owns a 100 percent stake in its Indian unit, Hyundai Motor India, plans to sell its stake through (initial public offering),” an industry official familiar with the matter said.
Another official also said Hyundai Motor will file a regulatory filing with the Korean Exchange, Monday, about its plan to list its Indian unit on the Indian stock market.
On Friday, Hyundai Motor India filed an application called the Draft Red Herring Prospectus for an IPO with the Securities and Exchange 카지노 Board of India. In the document, the company said that through the IPO, “our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity and a public market for the equity shares in India.”
The document also showed that Hyundai Motor intends to sell up to 17.5 percent of the shares it held in its Indian unit through the listing. The listing will be the first automaker to go public in India in two decades since Maruti Suzuki in 2003, and Hyundai Motor is estimated to raise around $2.5 billion and $3.5 billion through the IPO.
If Hyundai Motor is successful in raising $3 billion, it will be the largest IPO in India’s history. The previous largest IPO was by Life Insurance Corporation of India, which raised about $2.5 billion in 2022.