Hyundai Motor India IPO: Aims for $3 billion with valuation target of $18-20 billion, says Report

Hyundai Motor India is planning to go public and is gearing up to file draft papers with SEBI, reported Moneycontrol. As per the report, the South Korean auto giant's Indian subsidiary is planning to raise around $3bn via an initial public offer (IPO) at a targeted valuation between $18 bn to $20 bn

Hyundai Motors IPO

If this plan goes through, this will be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 2022.

"The plan is for the e-filing of the draft red herring prospectus to be done today ( June 14) with Sebi in the second half. But it may spill over depending on the pace of finishing touches. The issue is entirely an offer for sale ( OFS) by the parent which is expected to sell 140 million to 150 million shares," a person with knowledge of the matter told Moneycontrol.

As per Moneycontrol, Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the i-banks advising on the transaction with law firm Shardul Amarchand Mangaldas acting as the company counsel.

The publication had earlier reported that the filing of draft papers by Hyundai's India unit was expected by end June.

Hyundai Motor India performance

In terms of passenger vehicle sales, Hyundai Motor India was India's second largest carmaker after Maruti Suzuki in FY24. As per Autocar Professional, among the non-listed car manufacturers Hyundai's India unit saw the highest revenue as it ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore.

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