Hyundai Motor India IPO | Promoter Hyundai Motor Company will be selling 14.2 crore equity shares in the offer-for-sale, as per the RHP.
Hyundai Motor India, the subsidiary of South Korea's Hyundai Motor Company, has filed red herring prospectus with the Registrar of Companies on October 8. The initial public offering (IPO) will hit Dalal Street on October 15, solely comprising an offer-for-sale with no fresh issue component.
Promoter Hyundai Motor Company will be selling 14.2 crore equity shares in the offer-for-sale, as per the RHP. The price band will be announced on October 9.
The $3 billion public issue will open for institutional investors (anchor book) for a day on October 14. The last day for subscription to the IPO will be October 17.
Half of the net public issue size (the offer less employees' reservation) has been reserved for qualified institutional buyers, of which up to 60 percent may be allocated to anchor investors. Further, 15 percent shares are reserved for non-institutional investors, and the remainder 35 percent shares for retail investors.
The company has reserved up to 7,78,400 equity shares for its employees.
At the expected $3 billion issue size, it is likely to be the largest IPO in India, surpassing the record of $2.7 billion (Rs 21,000 crore) raised by the Life Insurance Corporation of India in 2022. Parent firm Hyundai Motor Company will hold 82.5 percent shareholding in the Indian unit post issue, as per the RHP.
For More: VISIT