Hyundai Motor India files draft papers with SEBI for IPO launch

According to draft papers submitted with the Securities and Exchange Board of India (SEBI) on 15th June, South Korea’s Hyundai Motor plans to sell up to 17.5% of its India unit during the IPO, in what could be the biggest-ever IPO in Indian history. The car manufacturer wants to raise $2.5–3 billion through initial shares sale.

Reuters reported that up to 142 million shares for sale will be offered by Hyundai Motor in the IPO from a total of 812 million according to the filing with SEBI.

Since Maruti Suzuki’s IPO went public in 2003, Hyundai Motor’s IPO would be the first automobile IPO in India in more than 20 years. 

After Maruti Suzuki India, Hyundai is the second-largest automaker in India. India ranks third among the US and South Korea as a source of revenue for Hyundai Motor. The automaker has decided to go with an IPO in order to take advantage of India’s expanding market potential.