Hyundai’s IPO in India generates moderate market response

On 14 October 2024, Hyundai officially began the planned sale of around 142 million equity shares—17.5% of its stake—in its Indian subsidiary, Hyundai Motor India, to institutional investors at Rs 1,865-1,960 (US$22-23) each. The following day, it opened up to retail investors as well. The automaker is targeting a US$3.3bn IPO—its first outside South Korea, and the largest in India to date—alongside a US$19bn valuation. The stock will commence trading on 22 October.