Hyundai Motor Co’s Indian subsidiary, Hyundai Motor India, is in talks with more than 100 top global and domestic investors to take part in the anchor book round of its public issue, Moneycontrol reported on Wednesday, quoting people aware of the development.
Anchor investors such as GIC, Capital Group arms, Fidelity Group arms, Government Pension Fund Global (Norges Bank Investment Management), BlackRock, T Rowe Price, Baillie Gifford, SBI MF, HDFC MF, ICICI Prudential MF, Nippon India MF, Kotak MF and Axis MF are in talks with the South Korean automaker’s India arm, reported the news portal.
T Rowe Price, Axis MF and Baillie Gifford refused to answer the news portal’s queries about the development.
Hyundai Motor India IPO details
According to Mint’s earlier reports, Hyundai Motor India IPO is poised to become the largest public issue in the Indian stock market, taking the crown previously held by the state-owned Life Insurance Corporation of India (LIC).
Hyundai India aims to raise $3.3 billion from its public issue, according to a Bloomberg report.
The IPO’s price band is set at ₹1,865 to ₹1,960 per share. The bidding for the IPO is scheduled to open next week on October 15 and will close on October 17. The anchor round for the Hyundai Motor India IPO is scheduled to take place on Monday, October 14.
Hyundai Motor India operations
The company sells four-wheelers in the Indian market, with a current portfolio of 13 models, including sedans, hatchbacks, sports utility vehicles, and battery electric vehicles. Hyundai also manufactures parts such as transmissions and engines.
Hyundai has also been India’s largest exporter of passenger vehicles from fiscal 2005 to the first 11 months of fiscal 2024, having exported the highest cumulative number of passenger vehicles for the same period, according to a Crisil report.
