Hyundai Motor India’s over Rs.27,000 crore IPO subscribed 18% on Opening Day
The highly anticipated Hyundai Motor India IPO has opened for subscription, marking a significant event for the Indian automotive industry. As a wholly-owned subsidiary of Hyundai Motor Company, Korea, Hyundai Motor India has been a leading automobile manufacturer in the country since its establishment in 1996. The company is well-known for its popular models.
On the first day of the IPO launch, the issue was subscribed to 18%, according to data from the Bombay Stock Exchange (BSE). Retail investors led the subscription with 26% of their allocated portion, while non-institutional investors subscribed to 13%. The portion reserved for qualified institutional buyers (QIBs) saw a subscription of 5%, and employees showed strong interest with an 80% subscription to their segment.
The Hyundai Motor India IPO is being viewed as an attractive opportunity, especially for those with a keen interest in the automotive sector. The IPO bidding process commenced on October 15, 2024, and is scheduled to close on October 17, 2024.
The price band for the issue has been set between Rs.1,865 and Rs.1,960 per share, with the minimum investment required being Rs.13,055 for one lot, which consists of 7 shares. The total issue size of the IPO is projected at Rs.27,870.16 crore, making it one of the largest IPOs of the year. Furthermore, Hyundai Motor India Ltd raised Rs.8,315.28 crore from 225 anchor investors at the upper end of the price band, Rs.1,960 per share, on October 14, 2024. Among the anchor investors were 21 domestic mutual funds, participating across 83 schemes.
As of the first day, the IPO received bids for 1,78,10,310 shares out of the 9,97,69,810 shares available, according to BSE data.
With its strong brand presence and robust market position, Hyundai Motor India’s IPO has sparked interest among a variety of investors, and the coming days will reveal how the subscription progresses. Investors now await the conclusion of the subscription period to gauge the overall response and potential listing success.
