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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Hyundai Motor India (HMI), which is preparing for its listing on the Indian stock exchange, has finalized its IPO subscription dates and share price range.
On October 9, HMI announced that the IPO price band has been set between 1,865 and 1,960 Indian rupees (approximately 29,860 to 31,380 won per share). Subscription for institutional investors will begin on October 14, while retail investors can subscribe from October 15 to 17.
Through this IPO, Hyundai will offer 142.19 million shares, representing 17.5% of its stake in the India unit. Upon completion of the listing, HMI is expected to raise between 4.2 trillion and 4.5 trillion won in cash.
The IPO will be a public sale of existing shares without issuing new ones. If successful, this will become the largest IPO in Indian stock market history, surpassing the previous record set by Life Insurance Corporation of India in 2022, which raised $2.5 billion (around 3.4 trillion won). Hyundai Motor India plans to use the funds raised from the IPO to enhance its brand value in India and expand its electric vehicle production capacity.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
