Hyundai
Hyundai Motor India IPO: Auto major adds Kotak, Morgan Stanley as advisors for possible record India IPO
Mumbai/IBNS: Hyundai Motor Co has also picked major investment banks Kotak Mahindra Capital and Morgan Stanley as its advisors for initial public offering (IPO) of its arm Hyundai Motor India Limited on the domestic bourses, reports said.
These investment banks are in addition to Citi, JP Morgan and HSBC Securities which had been engaged previously for the public issue, as per reports.
Moneycontrol reported, citing its sources, that Hyundai targets to file the draft red herring prospectus (DRHP) for the Hyundai Motor India IPO with capital markets regulator Securities & Exchange Board of India (SEBI) by June-end or by July.
The Hyundai Motor India IPO is likely to be purely an offer for sale (OFS) by the parent and slated to be India’s largest IPO, as the South Korean automaker, which is the second largest carmaker in India after Maruti Suzuki in terms of passenger sales volumes, plans to raise between $2.5 billion to $3 billion via the issue, according to the report.
The report added that the IPO is likely to value the Indian arm at around $20 billion and the OFS figure as part of discussions currently is 15 percent which has not been frozen yet.
However, the valuation and IPO size have not been finalized which may vary depending on the company strategy and market conditions, Moneycontrol reported, quoting its sources.
Presently, the Life Insurance Corporation of India (LIC) IPO is the largest IPO in India which raised $2.7 billion in May 2022.
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