Hyundai India IPO Bids To Open On October 15: Check Share Price Band, Offer Details

India’s second largest carmaker, Hyundai India, is set to make history with its initial public offering (IPO) next week, which will be India’s biggest IPO yet. Hyundai, which was the world’s third largest car manufacturer by volume in calendar year 2023, will open bids for its IPO on October 15, with bids for anchor investors opening a day prior, on October 14. Hyundai becomes the second vehicle manufacturing firm to go public in 2024, following Ola Electric’s debut on the markets. Hyundai Motor India’s IPO comprises an offer for sale of up to 142,194,700 equity shares by Hyundai Motor Company, offering a total of 17.5 per cent stake in the company.

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The price band of the offer has been set from Rs 1,865 to Rs 1,960 per equity share. Bids can be made for a minimum of 7 shares and in multiples of 7 shares thereafter. A total of 7,78,400 equity shares have been allotted for eligible Hyundai employees, who receive a discount of Rs 186 per share. Half of the net offer is reserved for qualified institutional bidders (QIBs), 15 per cent non-institutional investors (NIIs) and 35 per cent for retail investors. Bids will close on October 17, with the allotment of shares to be finalised by October 18.

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Hyundai India presently has an annual production capacity of 8.24 lakh passenger vehicles at its Tamil Nadu facility. The company has confirmed its second plant, in Maharashtra, will help it reach nearly 1.1 million units in production capacity in the time to come. Hyundai has also planned a top-down electric vehicle strategy, and the next step according to the plan is the launch of the all-electric Hyundai Creta, in the first quarter of 2025. After this, the company plans to introduce more electric vehicles in order to have a six-strong lineup by 2028.