Hyundai Motor India Set for Stock Market Debut After Record IPO
Hyundai Motor India’s shares are poised to begin trading this week following a record-setting initial public offering (IPO), industry officials announced on Monday.
The company’s stock is scheduled to start trading on the Indian stock market on Tuesday, following a $3.3 billion IPO subscription last week. This marks Hyundai’s first listing outside South Korea and sets a new record for the largest IPO in Indian history, surpassing the previous record held by the Life Insurance Corporation of India (LIC), which raised $2.5 billion in 2022.
The IPO price band has been set at ₹1,865-₹1,960 per share. As a pure offer for sale (OFS), all proceeds from the IPO will go to the promoter.
India is a critical global production hub for Hyundai. Last year, the company produced 765,000 vehicles in the country, according to Yonhap news agency. Hyundai Motor India ranks as the second-largest car manufacturer in India, behind Japan’s Maruti Suzuki. Industry analysts are eager to see how the IPO will enhance the company’s local competitiveness.
In recent years, Hyundai has made significant investments in India, including the acquisition of General Motors’ manufacturing plant in Pune. The company is currently upgrading this facility with advanced smart manufacturing systems, aiming to achieve an annual production capacity of over 200,000 units. Once the Pune plant becomes operational in the second half of next year, Hyundai Motor India’s total annual production capacity will reach 1 million units, combining output from both the Chennai and Pune plants.
Additionally, Hyundai plans to increase the number of electric vehicle (EV) charging stations in India to 485 by 2030. In partnership with Kia Corp., the company has also collaborated with Indian battery manufacturer Exide Energy.
Hyundai aims to launch the Creta EV, the electric version of its popular Creta SUV, in 2025. This will be the first EV produced locally at the Chennai plant, with plans to introduce five EV models in the Indian market by 2030 to cater to the rising demand for electric vehicles.
