Hyundai Motor India files draft papers to raise around $3 bn through IPO
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South Korean automotive giant Hyundai Motor Co's Indian subsidiary, Hyundai Motor India Limited, has filed draft papers to the Securities and Exchange Board of India (Sebi) to raise around $3 billion through an initial public offering (IPO), aiming for a valuation between $18 billion to $20 billion, according to a report in Moneycontrol.
If the listing proceeds as planned, this transaction, which is a pure Offer For Sale (OFS) by the promoter, would become the largest IPO in India's corporate history, surpassing the previous record set by the state-owned LIC's $2.7 billion listing in 2022, the report said.
The July 14 Draft Red Herring Prospectus (DRHP) stated, "The objects of the offer are to carry out the offer for sale of up to 142,194,700 equity shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the equity shares on the stock exchanges."
"Further, our company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the equity shares in India," the DRHP added.
The report cited sources as saying that if necessary, and based on roadshows and market conditions, the firm may consider a pre-IPO round at a later stage as a risk mitigation strategy. Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital, and Morgan Stanley are the investment banks advising on the transaction, with Shardul Amarchand Mangaldas serving as the company counsel and Latham and Watkins as the international counsel, the report said.
Hyundai Motor India Limited ranked second in India’s passenger vehicle sales for FY24, following Maruti Suzuki. Over the past six months, Maruti Suzuki India's stock price has surged by 24.35 per cent. The market leader commands a market capitalisation of nearly $48 billion.
According to Autocar Professional, Hyundai's India division concluded FY23 with revenues amounting to Rs 60,000 crore and profits reaching Rs 4,653 crore, marking the highest among unlisted car manufacturers in the country. India represented about 1 per cent of Hyundai's global sales in 2023, with popular models such as i20, Verna, Creta, Aura, and Tucson contributing to its presence in the Indian market.
Hyundai inaugurates EV charging station in Chennai
In May this year, the company inaugurated its fast electric-powered vehicles (EV) charging station in Chennai, and said this was first of the company's target of installing 100 such facilities across Tamil Nadu.
In a press release, the company said a DC fast charging station rated at 180 kW, featuring connectors of 150 kW and 30 kW, has been installed at Spencer Plaza. This station is designed to serve compatible four-wheelers of any brand or model.
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