Hyundai Motor India Hires JP Morgan CITI HSBC As Investment Advisors For Mega IPO Plan

Hyundai Motor IPO: South Korea’s leading automobile company Hyundai Motor has accelerated its steps towards launching an IPO. The company has hired investment banks to give suggestions for launching the IPO. JP Morgan, Citi and HSBC will be advisors for the IPO. Hyundai Motor is preparing to launch a mega IPO of $3.5 billion which will be the largest IPO in the Indian stock market.

According to Moneycontrol report, Hyundai Motors has hired JP Morgan, Citi and HSBC as advisors for the proposed IPO. More investment bankers may be hired in the coming days. It is expected that a draft paper can be filed with the stock market regulator SEBI in June 2024 to seek approval to launch the IPO. If the plan to list the company is successful, it will be the biggest IPO in the history of the Indian equity market.

Earlier, the first report had come out quoting ET that Hyundai Motors may list the company on the Indian Stock Exchange around Diwali this year. The proposed IPO of Hyundai India could be worth $3.3 billion i.e. Rs 27,390 crore. The valuation of Hyundai India is being estimated at $22 billion to $28 billion. The company can sell 15 to 20 percent stake in the IPO.

Hyundai Motor India stood second after Maruti Suzuki in terms of selling passenger vehicles in 2023. The company has about 15 percent market share. According to the value being assessed regarding the proposed IPO, Hyundai Motor India will overtake other listed automobile companies Mahindra & Mahindra, Bajaj Auto, Hero MotoCorp, Eicher Motors in the domestic stock market.

Earlier in May 2022, LIC had launched the largest IPO in the history of the Indian stock market, when the company had raised Rs 21000 crore through IPO. Before that, Paytm’s IPO was the biggest which was launched in November 2021 and the company had launched an IPO of Rs 18,300 crore.

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