Hyundai Motor shares had a quiet start on Thursday, October 17, listing at ₹1,934 on the NSE, which is 1.3% lower than the issue price of ₹1,960. On the BSE, the shares listed at ₹1,931, 1.5% below the IPO price.
This IPO, valued at ₹27,870.16 crore, is the largest public offering in India so far. It was open for subscription from October 15 to October 17, with a price range of ₹1,865 to ₹1,960 per share.
After three days of bidding, the Hyundai Motor IPO was moderately successful, getting 2.37 times the number of bids compared to the shares available. The IPO received bids for 23.63 crore shares against 9.89 crore on offer. However, the retail investor and non-institutional investor segments were not fully subscribed, with the retail portion subscribed 0.50 times and the non-institutional category at 0.6 times. The qualified institutional buyers (QIB) segment was the only one fully subscribed, with 6.97 times the available shares.
About the IPO
The Hyundai Motor IPO was fully an offer for sale of 14.22 crore shares, with no new shares being issued. After the IPO, the promoter's ownership in the company will drop to 82.5%. On October 14, 2024, the company raised ₹8,315.28 crore from anchor investors. Retail investors could apply for a minimum of 7 shares, requiring an investment of at least ₹13,720.
Hyundai Motor will not receive any money from the sale, as all the proceeds will go to the Promoter Selling Shareholder. After deducting expenses and taxes, the remaining funds will be given to the promoter.
There was also a special offer for employees, with 778,400 shares reserved at a discount of ₹186 per share compared to the issue price.
Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities & Capital Markets, J.P. Morgan India, and Morgan Stanley India were the lead managers for the IPO, while Kfin Technologies was the registrar.
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