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    Home / News / Business News / Hyundai onboards top advisers for IPO of its India unit
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    Hyundai onboards top advisers for IPO of its India unit
    Hyundai India IPO could potentially raise around $2.5 billion

    Hyundai onboards top advisers for IPO of its India unit

    By Mudit Dube
    May 27, 2024
    04:45 pm

    What's the story

    South Korean automaker Hyundai has reportedly engaged the services of Kotak and Morgan Stanley as advisers for its forthcoming initial public offering (IPO) in India.

    According to a Bloomberg report, this advisory syndicate also includes Citi, HSBC, and JPMorgan. The IPO is tentatively scheduled for June.

    Hyundai India IPO could potentially raise around $2.5 billion, positioning it as one of the largest listings in India's history.

    Market dominance

    Hyundai's impressive sales performance in India

    As it stands, nearly one in four Hyundai cars are sold in India, highlighting the significance of this market for the automaker.

    In April 2024, Hyundai's sales in India nearly matched those in its home country.

    "In April 2024, Hyundai Motor India achieved its fourth consecutive month of 50,000-plus units in domestic sales," stated Tarun Garg, the chief operating officer of India operations.

    This performance underscores the importance of the Indian market to Hyundai's global strategy.

    IPO details

    Hyundai's IPO details and potential valuation

    Hyundai plans to file the draft red herring prospectus (DRHP) for the IPO with the Securities & Exchange Board of India (SEBI) by June-end or July.

    The offering is expected to be purely an offer for sale (OFS) by the parent company, potentially raising between $2.5 billion to $3 billion.

    This could value Hyundai's Indian arm at around $20 billion, although these figures are not yet finalized and may vary depending on company strategy and market conditions.

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