Hyundai, a South Korean automaker, has recently filed for an initial public offering for its India unit, which is poised to be one of the biggest stock market debuts in the country. The company is planning to offer 142.2 million shares, representing 17.5 percent of Hyundai Motor India, as part of the IPO.
Although the pricing details are still uncertain, reports suggest that Hyundai aims to raise between $2.5 billion to $3 billion through this IPO. This move comes as India’s stock market has been experiencing significant growth, recently surpassing Hong Kong to become the fourth-largest in the world.
Having operated in India for over two decades, Hyundai is currently the country’s second-largest automaker in terms of sales. Unlike US competitors Ford and General Motors, Hyundai has successfully established its presence in the Indian market.
In January, The Times of India reported that Hyundai is planning to invest billions of dollars in India to expand production, introduce new vehicles, and further its presence in the country. This strategic move aligns with Hyundai’s broader goal of capitalizing on the thriving Indian market.
