New Delhi : These days, big companies are also busy launching their IPOs in India's IPO market. Hyundai Motor India Limited, the Indian unit of South Korean manufacturing company Hyundai, has received approval from SEBI to launch its IPO. Not only this, food delivery company Swiggy has also decided to launch its IPO in the market. On Wednesday, the Securities and Exchange Board of India i.e. SEBI has said that approval has been given to launch the initial public offering i.e. IPO of these two companies.
Sources had earlier said that the South Korean automaker is planning to raise at least $3 billion, or about Rs 25,000 crore, through an initial share sale, while Swiggy's IPO has been valued at more than Rs 10,000 crore. If Hyundai Motor India's IPO succeeds, it will be India's largest IPO. Earlier, the largest IPO in the country was Life Insurance Corporation of India, or LIC, worth Rs 21,000 crore. The IPO documents were filed in June.
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Approval to launch IPO
According to this, the IPO will be entirely based on the offer for sale of 14,21,94,700 shares by the promoter Hyundai Motor Company i.e. OFS. People familiar with the matter said on Wednesday that the company has received an e-mail from the Securities and Exchange Board of India i.e. SEBI regarding approval to bring IPO. Hyundai Motor India started operations in India in 1996 and currently sells 13 models in different segments. For the first time in two decades, after the listing of Japanese automaker Maruti Suzuki in 2003, any automaker is bringing an IPO.
Submission of Draft Prospectus
Swiggy filed documents on April 30 through the confidential 'pre-filing route'. All details are confidential at the moment. Sources said that after SEBI's approval under the confidential filing process, Swiggy will submit two updated 'draft prospectuses' (documents). One will be related to the regulator's response and the other will be related to getting public comments in 21 days. Finally, the company will have to amend the document by incorporating the changes after public comments. Swiggy can bring IPO after filing the final documents. In April, sources had said that Swiggy has received shareholders' approval for an IPO to raise Rs 10,414 crore through new shares and sale offer.
(With agency input)
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