Hyundai Motor Secures SEBI Approval for India’s Biggest IPO, Aiming to Raise $3 Billion: Report
Hyundai Motor India is set to launch the largest initial public offering (IPO) in India’s history, after receiving approval from the Securities and Exchange Board of India (SEBI). The South Korean automaker, through its Indian subsidiary, plans to raise $3 billion (approximately ₹25,000 crore), surpassing the previous record held by LIC’s ₹21,000 crore share sale. This IPO is expected to launch in October, making it a significant milestone for the Indian auto industry.
If successful, Hyundai’s IPO will be the first from an automaker in India in over two decades, following Maruti Suzuki’s listing in 2003. Hyundai Motor India, a wholly-owned subsidiary of Hyundai Motor Company in South Korea, is aiming for a valuation of around $20 billion, reports suggest.
Hyundai India is a key player in the global market, ranking as the third-largest revenue generator for the company after the US and South Korea. The automaker has already invested $5 billion in India, with plans to invest another $4 billion over the next decade, according to a Reuters report.
“The regulator’s final observations have come in, and this record-breaking IPO is likely to launch in October,” reported Moneycontrol on Tuesday, September 24, citing sources close to the matter.
The transaction is being advised by a group of prominent investment banks, including Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital, and Morgan Stanley. Shardul Amarchand Mangaldas is serving as Hyundai’s legal counsel, while Cyril Amarchand Mangaldas represents the banks, and Latham & Watkins acts as the international counsel.
