The initial public offering of Hyundai Motor India Ltd.— the largest IPO globally in 2024—has been subscribed 0.18 times, or 18% on Tuesday.
The company will raise up to Rs 27,870 crore, making it India’s biggest IPO since 2022, when Life Insurance Corporation of India raised Rs 21,000 crore.
The maiden share sale will be a pure offer for sale. The offer will conclude on Thursday, after which, the shares will list on BSE and NSE.
Hyundai Motor has raised approximately Rs 8,315 crore from anchor investors on Monday, ahead of its IPO. The company allotted 4.24 crore shares at Rs 1,960 apiece to 225 anchor investors, according to a statement.
This is the first offer from an automaker to list in India in over two decades and the entire proceeds will go to the promoter.
Also Read: Breaking Down India's Biggest IPO: Should You Subscribe To Hyundai India IPO | Hyundai IPO Analysis
Issue Price
Issue opens: Oct. 15.
Issue closes: Oct. 17.
Price band: Rs 1,865 to Rs 1,960 per share.
Offer for sale: Rs 14.2 crore shares.
Total issue size: Rs 27,870 crore.
Bid lot: 7 shares.
Listing: BSE and NSE.
Qualified Institutional Buyers' share: 50%
Retail share: 15%
Non-Institutional Investors' share: 15%
Maximum Bid Quantity For QIBs: 14,14,16,296 shares.
Maximum Bid Quantity For NIIs: 7,07,08,148 shares.
Business
The company is a part of the Hyundai Motor Group, the third largest auto original equipment manufacturer globally, based on commercial year 2023 sales, according to a Crisil report.
The company's portfolio includes 13 models by body type, which includes sedans, hatchbacks, sports-utility vehicles and battery electric vehicles. Hyundai Motor India also manufactures parts, such as transmissions and engines for its own manufacturing and sales.
It's top-five passenger vehicles by sales include the Creta, Venue, Exter, i20 and Grand i10 NIOS.
Use Of Proceeds
According to the red herring prospectus of the company, it will not receive any proceeds from the offer. The offer proceeds will be received by the promoter selling shareholder after deduction of offer related expenses and relevant taxes.
Subscription Status: Day 1
The IPO has been subscribed 0.18 times, or 18% on Tuesday.
Qualified institutional buyers: 0.05 times or 5%.
Non-institutional investors: 0.13 times or 13%.
Retail investors: 0.26 times or 26%.
Employee Reserve: 0.80 times or 80%.
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