Hyundai Motor India Limited (HMIL), a subsidiary of the Hyundai Motor Group and the third-largest global auto OEM in terms of passenger vehicle sales in 2023, is set to open its much-anticipated Initial Public Offering (IPO) on October 15, 2024. The price band for the IPO has been set between ₹1,865 and ₹1,960 per equity share, each having a face value of ₹10. The anchor investor bidding will commence a day earlier on October 14, 2024.
The IPO, comprising an Offer for Sale (OFS) of up to 142,194,700 equity shares by Hyundai Motor Company, aims to raise funds through a book-building process. Hyundai will not retain any proceeds from the offer, as it is structured solely for the sale of existing shares by the promoter. Bidders can place bids for a minimum of 7 shares and in multiples of 7 thereafter.
Retail investors will have the opportunity to participate in the IPO, with 35% of the net offer reserved for them, while qualified institutional buyers (QIBs) can access up to 50%, including allocations for anchor investors. Non-institutional investors (NIIs) have a 15% allocation, divided based on application size, with adjustments possible in case of undersubscription. An exclusive portion is also reserved for eligible employees.
The equity shares of Hyundai Motor India Limited are set to be listed on both BSE and NSE post the IPO. Book Running Lead Managers (BRLMs) for the offering include Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, and Morgan Stanley India Company Private Limited.
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