Market regulator Securities and Exchange Board of India (SEBI) has given the green signal to Hyundai Motor India Limited, the Indian unit of South Korean company Hyundai Motor, to launch an IPO. The company had submitted Draft Red Herring Prospectus (DRHP) with SEBI in the month of June for this issue. Hyundai Motor's IPO can be launched next month in October. It is believed that Hyundai Motor's IPO can prove to be the biggest IPO in the country so far. In this IPO, the promoters' shares will be sold through Offer for Sale.
According to the information received in this regard, the proposed IPO of Hyundai Motor India Limited is worth $3 billion. It is being told that if the company's listing plan is successful, then this issue can become the biggest IPO of India till date. Earlier, the IPO of Life Insurance Corporation of India (LIC), a company wholly owned by the Government of India, had set a record of listing of $2.7 billion.
Let us tell you that Hyundai Motor India Limited had submitted Draft Red Herring Prospectus (DRHP) with market regulator SEBI on 15 June itself. The company's DRHP states that through this offer, 14,21,94,700 equity shares with a face value of Rs 10 will be sold by the promoters. The listing of shares of this IPO will increase the liquidity of the company. Along with this, the listing of shares will also strengthen the brand image of the company.
Let us tell you that in the automobile sector of the country, Hyundai Motor India Limited was the second largest car company in the country in terms of passenger volume during the financial year 2023-24. It is believed that with the money raised through this IPO, Hyundai Motor India Limited will try to increase production as well as make marketing more offensive, so that it can give a strong competition to its main rival company Maruti.
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