Hyundai Motor India Limited (HMIL), a subsidiary of Hyundai Motor Group and the third-largest global auto OEM by passenger vehicle sales in 2023, is set to launch its highly anticipated Initial Public Offering (IPO) on October 15, 2024. The price band for the IPO is set between ₹1,865 and ₹1,960 per equity share, each with a face value of ₹10. Anchor investor bidding will begin on October 14, 2024, one day before the public opening.
The IPO consists of an Offer for Sale (OFS) of up to 142,194,700 equity shares by Hyundai Motor Company. The offering is aimed at raising funds through a book-building process, with Hyundai not retaining any proceeds, as the IPO solely involves the sale of existing shares by the promoter. Bids can be placed for a minimum of 7 shares and in multiples of 7 thereafter.
Retail investors will be allocated 35% of the net offer, while qualified institutional buyers (QIBs) will have access to 50%, including anchor investor allocations. Non-institutional investors (NIIs) will receive 15%, with allocations divided based on application size, and potential adjustments in case of undersubscription. A portion of the IPO is also reserved for eligible employees.
The equity shares of Hyundai Motor India Limited are set to be listed on both BSE and NSE post the IPO. Book Running Lead Managers (BRLMs) for the offering include Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, and Morgan Stanley India Company Private Limited.