India is preparing to welcome the largest IPO in its history. Thanks to Hyundai: the Indian branch of the Korean giant is preparing to launch next week the largest IPO in the history of the Asian country. The objective, reports Il Sole 24 Ore, is to place securities for 3.3 billion dollars, a figure that would allow Hyundai to surpass that of Lic, a former Indian state insurance company dated May 2022, and One97 Communications, a company that operates the 2021 online payments platform Paytm.
Hyundai is India’s largest IPO
Hyundai Motor India, we read, has established a price range from 1,865 to 1,960 rupees, which corresponds to a range that goes from 20 to 22 euros approximately, per share, based on an overall valuation of the company of approximately 19 billion dollars. The offer will be available from October 15th to 17th “aims to strengthen Hyundai’s Indian presence and capitalize on the strong demand for its vehicles within the country”.
More research and new cars
How does Hyundai plan to use the proceeds from its Indian unit? First, trying to improve research efforts and develop new cars. Secondly, then, aspiring to transform India into a manufacturing hub for emerging markets. “We will invest aggressively in new products, future technologies and research and development capabilities of the Indian unit – commented Unsoo Kim, CEO of Hyundai’s Indian unit – India is one of the most exciting automotive markets in the world. The IPO will allow us to dedicate ourselves even more to success in the country.”
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