Hyundai India Targets Record $3.5 Billion IPO

Hyundai Motor Co. is aiming to raise up to $3.5 billion through the highly anticipated IPO of its Indian division, according to sources familiar with the matter.

This would make it the largest IPO in India’s history.

Sources, who requested anonymity due to the private nature of the information, said that Hyundai Motor India Ltd. plans to gauge investor interest in the upcoming weeks, with a potential listing in September or October.

The company is aiming for a minimum deal size of $3 billion, potentially increasing to $3.5 billion.

However, details regarding the offering size and timing are still under discussion and may change.

A Hyundai India representative declined to comment, though previous reports from IFR and Indian media suggested the IPO could raise around $3 billion.

This IPO would surpass the record set by Life Insurance Corp. of India, which raised 206 billion rupees ($2.5 billion) in 2022, making it one of the largest IPOs in Asia in recent years.

In mid-June, Hyundai filed a draft red herring prospectus with the market regulator, indicating plans to sell a 17.5% stake, or 142.2 million shares.

The IPO will not include new shares, and the proceeds will go to the parent company.

India has seen nearly $5 billion raised through IPOs this year, more than double the amount compared to the same period last year.

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