Hyundai Motor India Emerges As Fifth Most Valuable Automotive Company On Listing Day
Hyundai's market valuation stood at Rs 1,47,914.98 crore at the close of trade on the BSE.
Hyundai Motor India Ltd has become the country's fifth most valuable auto firm by market valuation in its debut trade on Tuesday.
Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, listed at Rs 1,931, reflecting a decline of 1.47%t against the issue price of Rs 1,960 on the BSE earlier in the day.
The stock slumped 7.80% to Rs 1,807.05 during the day and finally ended at Rs 1,820.40 apiece, down 7.12%.
The company's market valuation stood at Rs 1,47,914.98 crore at the close of trade on the BSE.
On the NSE, the stock ended at Rs 1,819.60, a decline of 7.16%.
Maruti Suzuki India is the most valued domestic auto firm with a market capitalisation of Rs 3,74,796.16 crore.
Mahindra & Mahindra comes second with a market valuation of Rs 3,58,583.97 crore, followed by Tata Motors (Rs 3.23 lakh crore), Bajaj Auto (Rs 2.89 lakh crore) and Hyundai Motor India (Rs 1.47 lakh crore).
Other leading automakers are Eicher Motors with a mcap of Rs 1.30 lakh crore and TVS Motor Company (Rs 1.27 lakh crore).
"Hyundai had a lacklustre listing and closed with a loss of 7 per cent from the issue price," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
The initial public offer of Hyundai Motor India Ltd got subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers.
This was the biggest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore.
"Hyundai Motor India Ltd's IPO listed at Rs 1,934, marking a 1.33% loss against its issue price of Rs 1,960, which was largely in line with expectations."
"Despite the discounted listing, Hyundai Motor India's strong fundamentals, being the second-largest passenger vehicle manufacturer in India and its strategic focus on the SUV segment, continue to support its long-term growth prospects," Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said.
The Rs 27,870 crore initial share sale had a price band of Rs 1,865-1,960 per share.
This was the first initial share sale by an automaker in over two decades, following Japanese carmaker Maruti Suzuki's listing in 2003.
The initial public offer was entirely an Offer For Sale of 14.21 crore equity shares by promoter Hyundai Motor Company (HMC) with no fresh issue component.
HMIL commenced operations in India in 1996 and currently sells 13 models across segments.
