Hyundai to initiate $3 billion India IPO subsequent week at 1,865-1,960 rupees per fragment, sources scream

NEW DELHI/HONG KONG : Hyundai Motor India's IPO will open subsequent week for subscriptions and is on the complete priced in the fluctuate of 1,865 to 1,960 rupees ($22 to $23) per fragment, sources mentioned on Tuesday, valuing the automaker at up to $19 billion in the nation's perfect stock offering this yr.

The India IPO will be Hyundai's first stock market itemizing outdoors South Korea. In India, this is able to per chance well furthermore also mark the first carmaker to transfer public in two a long time since Maruti Suzuki in 2003, and springs honest after Indian stock markets touched myth highs and noticed many firms making debuts.

The $3 billion IPO will open for subscriptions for enormous institutional traders on Oct. 14, and invite bids from retail and diverse classes for the length of Oct. 15-17, mentioned three sources with insist files, who declined to be named as the discussions are confidential.

On the upper stop of the tag band, the firm will roughly be valued at $19 billion, the sources mentioned, adding the stock is decided to open buying and selling in Mumbai on Oct. 22.

Hyundai didn't straight acknowledge to Reuters queries.

Hyundai is India's 2d perfect automaker after Maruti and is asking to reclaim market fragment from home opponents by increasing its SUV lineup.

It also plans to initiate its first India-made electric automobile early subsequent yr and introduce on the least two gasoline-powered items tailored to the market initiating in 2026.

Hyundai will now not danger new shares in the IPO which is in a suite to involve its South Korean mother or father promoting up to 17.5 per cent of its stake in the wholly owned unit to retail and diverse traders via a so-known as "provide for sale" route.

The South Korean automaker mentioned on Tuesday this is able to per chance silent care for 670 million shares in Hyundai Motor India, or an 82.5 per cent stake, after the IPO.

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