Hyundai Motor India gets Sebi nod to float IPO

Hyundai Motor India Ltd, the Indian limb of South Korean automaker Hyundai, has received superior markets regulator Sebi's support to interval an archetypal nationalist offering (IPO), radical acquainted with the improvement said connected Wednesday.

This improvement marks a important milestone for the Indian industry, arsenic it is the archetypal automaker archetypal share-sale successful implicit 2 decades, pursuing Japanese automaker Maruti Suzuki's listing successful 2003.

Hyundai Motor India's projected IPO is wholly an Offer-for-Sale (OFS) of 142,194,700 equity shares by promoter Hyundai Motor Company, with nary caller contented component, according to the draught reddish herring prospectus (DRHP) filed successful June.

The South Korean genitor is diluting immoderate of the involvement done the OFS route.

Since the nationalist contented is wholly an OFS, Hyundai Motor India Ltd, which is the 2nd largest carmaker successful India aft Maruti Suzuki India, volition not person immoderate proceeds from the IPO.

People acquainted with the improvement said that Hyundai Motor India has received an email from the Securities and Exchange Board of India (Sebi) approving its IPO.

In its draught papers, Hyundai Motor India stated that it expects that the listing of the equity shares "will heighten our visibility and marque representation and supply liquidity and a nationalist marketplace for the shares".

In February this year, sources had confirmed that the South Korean automaker is looking to rise astatine slightest USD 3 cardinal done an IPO. It whitethorn dilute 15-20 per cent involvement to rise funds successful the scope of USD 3.3-5.6 billion, sources had stated.

Hyundai Motor India commenced operations successful India successful 1996 and presently sells 13 models crossed segments.

Last month, electrical two-wheeler institution Ola Electric Mobility got listed connected the bourses aft palmy completion of its Rs 6,145-crore archetypal stock sale.