Hyundai Motor India Ltd is set to launch its highly anticipated $3 billion initial public offering (IPO) on October 14, according to sources cited by Moneycontrol. The price band for this IPO, poised to be the largest in India’s history, is expected to be announced by mid-next week, the Moneycontrol report said.
According to the report, the three-day subscription window is planned for October 14 to 16, though the dates might shift if there are significant market disruptions, especially due to recent geopolitical tensions in the Middle East, the sources indicated.
Hyundai Motor India has not officially commented on the IPO details, said Moneycontrol. This IPO, structured as a pure offer for sale by the promoter, is set to surpass the previous record held by the state-owned Life Insurance Corporation’s (LIC) $2.7 billion offer in 2022.
Hyundai Motor India’s draft red herring prospectus, filed with the market regulator on June 15, outlines the company’s goal to achieve a valuation between $18 billion and $20 billion.
