Hyundai Motors India’s shares make weak debut, list at 1.47% discount

After the anemic opening, HMIL’s shares further extended losses and fell to Rs 1,866 apiece, down Rs 64.95 oregon 3.36 per cent astatine 10.20 am. The shares touched a precocious of Rs 1,968 apiece successful the aboriginal greeting trades.

HMIL’s IPO is the largest stock offering in the past of the Indian superior market. It was besides the archetypal car steadfast to spell nationalist successful 2 decades aft Maruti Suzuki India Ltd’s listing successful 2003.

The institution fixed the terms set of the IPO successful the scope of Rs 1,865 to Rs 1,960 per equity stock of the look worth of Rs 10, valuing the institution astatine astir Rs 1.5-1.6 lakh crore. The connection was opened for subscription from October 15-17.

The stock merchantability comprised an Offer for Sale (OFS) of up to 14.21 crore equity shares of look worth of Rs 10 each by the promoter selling shareholder. OFS is simply a mechanics wherever promoters successful a listed institution merchantability their shares done a bidding level connected banal exchanges. It assistance trim promoters holding successful a company.

The retail quota of HMIL’s IPO remained undersubscribed, with applications coming lone for 50 per cent of the allotted shares nether the retail category. Retail participants placed bids for 2.49 crore shares, against 4.95 crore shares offered.

The IPO received a full of 23.63 crore shares arsenic against 9.97 crore offered.