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Hyundai Motor India, the Indian arm of South Korea’s automotive giant, is poised to make its stock market debut this week following a historic Initial Public Offering (IPO), officials confirmed on Monday.
The company’s shares will begin trading on Tuesday, after successfully concluding last week’s $3.3 billion IPO, the largest ever in India’s market history. This debut surpasses the previous record held by the Life Insurance Corporation of India (LIC), which raised $2.5 billion in its 2022 IPO.
The price band for Hyundai Motor India’s IPO has been set between ₹1,865 and ₹1,960 per share. As a pure offer-for-sale (OFS), all proceeds will go to the promoter company.
However, several retail applicants are upset over non-allocation of shares despite half of the category allocaton was applied.
India plays a crucial role in Hyundai’s global production strategy. In 2023 alone, the company produced 765,000 vehicles in the country. Hyundai Motor India stands as the second-largest carmaker in India, following Maruti Suzuki. The listing is expected to boost its local market competitiveness.
In recent years, Hyundai has ramped up its investments in India, acquiring General Motors’ manufacturing plant in Pune. The facility is undergoing modernization and is expected to reach a production capacity of over 200,000 units annually once operational in the latter half of 2025. This will bring Hyundai Motor India’s total production capacity to 1 million vehicles when combined with its Chennai plant.
Hyundai is also making strides in the electric vehicle (EV) market. By 2030, the company plans to install 485 EV charging stations across India and has partnered with Exide Energy to bolster its battery capabilities. The company will launch its first locally-produced electric SUV, the Creta EV, in 2025, followed by four more EV models by 2030 to meet India’s growing demand for electric vehicles.
