Hyundai seeks $19 billion value in India’s ideal ever IPO: Document

Synopsis

Hyundai Motor Firm seeks a $19 billion valuation for Hyundai Motor India’s ideal IPO, aimed at raising $3.3 billion by selling a 17.5% stake. The checklist, expected on October 22 in Mumbai, anticipates famous ardour from international and local merchants, breaking earlier data characteristic by LIC.

Hyundai Motor India IPOETMarkets.com

Sooner than India's ideal-ever preliminary public offering (IPO) of Hyundai Motor India, parent Hyundai Motor Firm is requesting a valuation of $19 billion, a Bloomberg enlighten, acknowledged citing sources in the know. The South Korean automotive maker, which plans to promote a 17.5% stake in the India commercial, would possibly possibly possibly possibly possibly unbiased carry about $3.3 billion on the unusual valuation target, the of us acknowledged.

While the deliberations are ongoing and non-public, critical functions similar to the size of the offering, value and timing would possibly possibly possibly possibly possibly unbiased alternate, the sources acknowledged.

The checklist of Hyundai Motor India Ltd. is doubtless to happen in Mumbai on October 22, the of us acknowledged.

A combination of international and local institutional merchants, including asset managers, insurers, pension funds and sovereign wealth funds, possess expressed preliminary ardour in procuring shares in the IPO, the sources acknowledged. Hyundai would possibly possibly possibly possibly possibly unbiased file updated documents with India’s stock market regulator one overtime as soon as Monday, the enlighten acknowledged, quoting of us.

A consultant for Hyundai referred a question for observation to its India unit. A consultant for Hyundai Motor India declined to observation.

Hyundai was once amongst companies successful approval from market regulator Securities and Trade Board of India (Sebi) this week.

An IPO of that size would ruin the list characteristic by Existence Insurance Company of India (LIC), which raised Rs 20,600 crore ($2.5 billion) in 2022. It would furthermore be one of Asia’s ideal IPOs today.

Utilizing on the nation’s financial sing and with international and local merchants placing money into the market, Indian listings possess already raised larger than $9 billion this year, or roughly double the resolve for the identical period in 2023, Bloomberg-compiled data demonstrate.

Earlier, Nomura analyst Angela Hong had acknowledged that HMI deserved a valuation premium versus Maruti Suzuki India Restricted (MSIL), brooding about MSIL’s ongoing market share decline.

In its draft crimson herring prospectus (DRHP), Hyundai has characteristic the valuation between $18-20 billion while Maruti Suzuki, India's largest automotive vendor with a 41% market share, was once valued at $forty eight billion.

Because the 2d-largest automaker in India, HMI’s market share has been exact at 15-17% since 2008.

(Disclaimer: Concepts, solutions, views and opinions given by the consultants are their non-public. These halt no longer list the views of Economic Times)

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