Hyundai Motor India Limited, the Indian affiliate of the South Korean auto major, will reportedly file its draft red herring prospectus with SEBI this Friday. Through listing, Hyundai will seek to mobilize nearly $ 2.5 billion to $ 3 billion through an initial public offering.
If regulators approve an IPO of this size, it would be India's biggest ever after the government-owned Life Insurance Corporation of India raised $2.7 billion last year.
The company will not issue any fresh equity, and the IPO would be an entirely offer for sale of shares by Hyundai Motor India The south Korean company will sell 140 million to 150 million shares in the IPO.
It is the second largest car manufacturer with respect to passenger vehicle sales as of FY24, after Maruti Suzuki.
In the year 1998, Hyundai Motor India set its first plant while the second facility was inaugurated in 2008 by the company.
This month, in April, Kim had presented a blueprint for consolidating works in India to make the domestic market a key export base for the South Korean carmaker.
Over the last one year, Hyundai Motor Group has made several large investment pledges worth about 5 trillion won ($3.75 billion) to help the South Korean car maker firm tap into one of the world's largest and fastest-growing auto markets.
On the outlook for Hyundai in the EV market, Chung articulated that the company had been engaging in full-scale customization in the development of EVs exclusively for the Indian-market. He claimed that Hyundai Group shall continue to lead India's transition towards clean mobility as adoption of EVs reaches mainstream status by 2030. According to the news agency Yonhap.
Hyundai Motor has already made India one of its largest production bases across the globe.
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