Hyundai IPO Day 3 GMP Highlights: India's largest public offer subscribed 2.37x till 5:30 pm, shows BSE data

While the BSE data is being updated frequently, the final subscription status will be known by 7:00 pm.

Hyundai Motor India's IPO has been subscribed 2.37x till 5:00 pm, the data by Bombay Stock Exchange shows

Britain has imposed sanctions on 18 further Russian oil tankers and four liquefied natural gas vessels, the largest batch of sanctions to date against the country's so-called "shadow fleet," the government said on Thursday. Britain says the 'shadow fleet' uses illicit practices to avoid Western restrictions on Russian oil. The government said it was working with maritime authorities to demand that Russian vessels with suspected dubious insurance provide details of their insurance status as they pass through the English Channel. (Reuters)

The initial public offering of Lakshya Powertech, the engineering consultancy and contracting company, continued to attract strong interest from investors even on the second day of bidding, October 17. The participants bought 25.44 crore equity shares, increasing by 125.18 times over the offer size of 20.28 lakh shares. The Telangana-based company intends to mobilise Rs 49.91 crore through its maiden public issue at the upper end of price band of Rs 171-180 per share. The SME IPO comprises solely fresh issue by the firm, thus the entire issue proceeds will be received by the company. (Read More)

Shortly before the subscription closure, the grey market premium of Hyundai Motor India IPO has nosedived to Rs 8, as per investorgain.com. This shows 0.41% listing gain for investors on market debut.

• Qualified Institutional Buyers (QIBs) - 6.97 times;
• Non Institutional Investors(NIIS) - 0.60 times;
• Retail Individual Investors (RIIs) - 0.50 times;
• Employee Reserved - 1.73 times

India's largest public offer sees 2.36x subscription as closing nears

"Hyundai's issue is not priced attractively for retail investors and high net worth individuals," said Arun Kejriwal, founder of Kejriwal Research. They were unlikely to see any listing-day gains or major earnings growth for the next five quarters until the company's new capacity goes online, he added. (Reuters)

"This flotation was too big to fail," said Prashanth Tapse, senior vice president of research at Mehta Equities, adding that recent IPO successes and Hyundai's international image also helped. Tapse was among the analysts who have pointed to retail investors' concerns about valuations, the lack of new shares in the issue, and recent industry woes, as sales slow and inventory grows. (Reuters)

• Qualified Institutional Buyers (QIBs) - 6.61
• Non Institutional Investors(NIIS)- 0.49
• Retail Individual Investors (RIIs)- 0.46
• Employee Reserved - 1.65

Facebook owner Meta's Oversight Board on Thursday invited comments from the public on the posting of immigration-related content that may be harmful to immigrants, and shared two cases that Facebook moderators decided to keep on the platform. The board plans to assess whether Meta’s decision to only protect refugees, migrants, immigrants and asylum seekers from the most severe attacks on its social media platforms under its hate speech policy is adequate. The board is funded by the social media giant but operates independently. After gathering public comments it can issue non-binding policy recommendations to Meta. (Reuters)

The Centre has asked organisations, including industry and public bodies, to not wait for the rules of the Digital Personal Data Protection Act to be notified to adapt their systems and build capacities in keeping with the new law, sources have told Moneycontrol. The message was conveyed during a meeting with stakeholders on October 14. Senior officials of Ministry of Electronics and Information Technology (MeitY), National Informatics Centre, members of the industry, civil society and lawyers were among those who attended the meeting. (Read More)

India will sell onions from government reserves to bring down prices of the vegetable, consumer affairs secretary said on Thursday. India's retail inflation in September accelerated to its highest in nine months, due to higher food prices, according to government data released on Monday. (Reuters)

• Here's the breakup of the subscription:
• Qualified Institutional Buyers (QIBs) - 3.13 times;
• Employee Reserved - 1.56 times
• Non Institutional Investors(NIIS) - 0.37 times;
• Retail Individual Investors (RIIs) - 0.43 times;

Hyundai IPO has been fully subscribed on the last day of bidding, shows the latest BSE data. The maiden share sale by the Indian arm of South Korean automaker Hyundai is the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore. (Read More)

The current grey market premium of Hyundai Motor India IPO has declined further. As per the latest data by investorgain.com, the latest GMP of Hyundai public offer is Rs 14 per share.

Millions of Indian retail traders are exploring alternative ways to earn profits ahead of stricter regulations on trading equity derivatives next month, but their transition is unlikely to be smooth, investors and brokers say. Derivatives trading in India has boomed in the past few years, with short-term index options bets pushing up the notional value of options traded on the country's exchanges to the highest globally. Regulatory data show retail traders contributed to more than a third of volume in the derivatives market, leading the Securities and Exchange Board of India (SEBI) to warn of risks and reduce the number of contracts offered by exchanges. The regulator also tripled the minimum trading amount. The new rules go into effect on November 20. (Reuters)

As per the latest data by the Bombay Stock Exchange, the overall subscription stat for Hyundai Motor India's IPO stands at 87% as of 12:30 pm.

• Hyundai Motor India is set to price its shares at Rs 1,960 to raise $3.3 billion in its initial public offering, according to two sources with direct knowledge of the matter.
• That price is at the top of the 1,865 rupees to 1,960 rupees range flagged to investors when the deal was launched.
• Hyundai India is selling 142.2 million shares, according to the company's filings, which will make it the largest IPO ever in India by the amount raised. (Reuters)

• Qualified Institutional Buyers (QIBs) - 0.91 times
• Non Institutional Investors(NIIS) - 0.32 times
• Retail Individual Investors (RIIs) - 0.42 times
• Employee Reserved - 1.51 times
• Total - 0.55 times

• NFRA Chairman Ajay Bhushan Pandey: Cannot have Indian accounting standards in isolation while not adhering to global standards
• Have got response from audit firms, corporates on changes in audit reforms, else we will not be able to create trust in investors
• Some big corporate failures have been due to related party transactions and subsidairies siphoning off funds
• Must take corrective action like new Standard of Quality Management, changes in the auditing standard SA 600 to reduce probability of frauds via subsidiaries
• These will lead to early detection of frauds
• India cannot achieve $55 tn economy without audit reforms

"The following peer group has been determined on the basis of companies listed on Indian stock exchanges, whose business profile is comparable to our businesses in terms of our size and our business model," Hyundai Motor India says in its DRHP

Investors can place bids for a minimum of 7 shares and in multiples thereafter.

• Maruti Suzuki’s Manesar facility hits a significant milestone with the cumulative production of 1 crore units. The landmark vehicle to roll off the production line was the popular compact SUV, Brezza.
• On October 17, 2024, Maruti Suzuki India Limited announced this achievement, marking the Manesar facility as the fastest among Suzuki’s global automobile manufacturing plants to reach the 1 crore milestone, accomplishing it in just 18 years.

• NFRA Chairman Ajay Bhushan Pandey: Retail domestic and foreign investors now trust the Indian system of financial reporting and thus are now investing in corporates
• As a country, we have started taking corrective measures by financial regulators to prevent corporate failures
• Need to continue to take cognizance of corporate governance reforms
• Independent directors, statutory auditors, shareholders, regulators constitute five lines of defense to improve corporate governance
• The five lines of defense created because of major corporate faiures, which were exceptions
• Shoud not brush aside corporate failures but need to learn to take corrective action from them
• NFRA Chairman Ajay Bhushan Pandey: Confident that Indian accountants, CAs can dominate the world with adherence to global standards

• National Financial Reporting Authority Chairperson Ajay Bhushan Prasad Pandey: Optimistic that we can achieve $55 tn economy by 2047
• Active demat accounts has reached over 10 crore from 3-4 cr in 2019
• Total online frauds are miniscule compared to the total digital transactions
• Govt Reforms have been path breaking, but create doubts initially for which deliberations are must
• NFRA Chairman Ajay Bhushan Pandey: In Financial reporting reforms, it's easier as we have global precedents
• Can we afford to say that that we will not integrate and adopt to global financial reporting standards, asks Pandey

As per the BSE data, as of now, the overall subscription of Hyundai Motor India IPO stands at 51%

1. Hyundai Motor India's IPO -- the largest in the country’s history -- enters its final day of bidding today. Investors are closely watching whether the Rs 27,800 crore public issue will be fully subscribed or if it could even reach Rs 1 lakh crore in total bids.
2. Hyundai India has already raised Rs 8,315 crore through anchor allocation, leaving Rs 19,555 crore for public bidding. To hit the Rs 1 lakh crore mark, the Hyundai India IPO would require total bids worth Rs 91,685 crore, translating to a 4.7 times subscription to the public issue.
3. With two days of bidding completed, Hyundai India’s IPO has garnered significant interest. The public issue was subscribed 42 percent by the end of day two, with 4.17 crore shares bid out of the 9.98 crore shares on offer, amounting to approximately Rs 8,225 crore. (Read More)

Several brokerage firms, such as ICICI Direct, KR Choksey Research, SBI Securities, and IDBI Capital, have given a 'Subscribe' rating to the Hyundai Motor IPO. Additionally, Anand Rathi Research, LKP Securities, Arihant Capital, and Aditya Birla Money have recommended subscribing to the IPO as a long-term investment opportunity.

The shares are expected to be credited to demat accounts on Monday, October 21, 2024. Hyundai Motor India shares are set to debut on the BSE and NSE on Tuesday, October 22, 2024.

Since the time the IPO made news, we have seen a sharp decline in the grey market premium of Hyundai's public offer. On the last day of the subscription, the GMP has seen a sharp correction. According to the data by investorgain.com, the GMP for Hyundai IPO at present is Rs 17.

• "Two of our Group Companies, Kia Corporation and Kia India Private Limited, arein a similarline of business as uswhich may involve conflict of interests, which could adversely impact our business," says Hyundai Motor India
• "We currently manufacture our passenger vehicles and parts only at the Chennai Manufacturing Plant. Any disruptions or stoppages at our manufacturing plants, including at the Talegaon Manufacturing Plant once it is operational, could adversely impact our operations, financial condition and results of operations," says Hyundai Motor India
• "Any actual or perceived defects in our passenger vehicles and parts or the sales and after-sale services provided through dealers or third parties may adversely impact our brand, reputation, and ability to sell our vehicles, which could have an adverse impact on our operations," says Hyundai Motor India
• "The unavailability, reduction or elimination of government incentives could have a material adverse effect on our business, prospects, financial condition, results of operations and cash flows," says Hyundai Motor India
• "Our success depends on our and HMC’s ability to identify market trends and meet evolving customer demands, while maintaining or improving our profitability. If we are unable to do so, our sales volumes, business and results of operations would be adversely affected," says Hyundai Motor India
• "Our global operations involve challenges and risks that could increase our costs, adversely affect our results of operations and require increased time and attention from our management," says Hyundai Motor India
• "We may not be able to compete successfully in the highly competitive and fast evolving automotive marketwhich could have an adverse impact on our operations," says Hyundai Motor India
• "If we overestimate or underestimate the demand for our products, the capacity utilisation of our manufacturing plants may be over-utilised or under-utilised, respectively, which could adversely affect our manufacturing schedules and related costs," says Hyundai Motor India
• "The redevelopment of the Talegaon Manufacturing Plantor other plants we may expand or acquire in the future may be subject to delays, disruptions and cost overruns, or may not produce the expected benefits, which could adversely affect our production capacity, financial condition, and results of operation," says Hyundai Motor India
• "We depend on our dealership and distributorship network for the sale of our passenger vehicles and the provision of services, including after-sale services. Any disruption in this network could adversely affect our business and results of operations," says Hyundai Motor India
• "We substantially depend on the sales of our SUV models in India. Any decrease in the demand for or disruption in the manufacture of SUVs, or any other passenger vehicle models we rely on in the future, could adversely impact our operations," says Hyundai Motor India
• "We require certain approvals and licences in the ordinary course of business, and the failure to obtain or retain them in a timely manner may adversely affect our operations," says Hyundai Motor India

• "Increases in the prices of parts and materials required for our operations could adversely affect our business and results of operations," says Hyundai Motor India
• "We depend on a limited number of suppliers for parts and materials. Any interruption in the availability of parts and materials could adversely impact our operations," says Hyundai Motor India
• "We depend on HMC, our Promoter, for our operations. Any adverse change in our relationship with HMC and the companies in the Hyundai Motor Group could have an adverse impact on our business, reputation, financial condition, and results of operations," says Hyundai Motor India
• "Our Company, one of our Subsidiaries and our Promoter are involved in outstanding legal proceedings and any adverse outcome in any of these proceedings may adversely impact our business, reputation, financial condition and results of operations," says Hyundai Motor India
• "We have entered into and may continue to enter into related party transactions with HMC and companies within the Hyundai Motor Group that may involve conflicts of interest, which could adversely impact our business," says Hyundai Motor India

• Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Offer unless they can afford to take the risk of losing their entire investment.
• Investors are advised to read the risk factors carefully before taking an investment decision in this Offer. For taking an investment decision, investors must rely on their own examination of the Issuer and the Offer, including the risks involved.
• The Equity Shares have not been recommended or approved by SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus.

Hyundai Motor India will not receive any proceeds from the offer. Instead, the Promoter Selling Shareholder will receive the full offer proceeds, after deducting offer-related expenses and applicable taxes, which will be borne by the Promoter Selling Shareholder.

India's largest-ever public offer will close for subscription on October 17, 2024 i.e. today. Market watchers are observing the range of subscription.

The IPO of Hyundai Motor India opened for subscription on October 15, 2024.

Kfin Technologies Limited has been appointed as the registrar for the Hyundai India IPO. The shares of Hyundai Motor India will be listed on both National Stock Exchange and Bombay Stock Exchange.

The Hyundai Motor IPO is a main-board offering of 142,194,700 equity shares, each with a face value of Rs 10, totaling up to Rs 27,870.16 crore. The price range for the issue is set between Rs 1,865 and Rs 1,960 per share, with a minimum order quantity of 7 shares.

• Qualified Institutional Buyers (QIBs) - 0.58 times
• Non Institutional Investors(NIIS) - 0.26 times
• Retail Individual Investors (RIIs) - 0.38 times
• Employee Reserved - 1.31 times
• Total - 0.42 times

Hello! In case you are joining us just now, we are tracking the investors' response to India's biggest-ever public offer - Hyundai Motor India IPO. As per the data available on the Bombay Stock Exchange website, at the end of day 2, the Hyundai IPO was subscribed 42%. It would interesting to see whether the public offer will see full subscription today.

There's nothing Chinese at the core, Vodafone Idea has assured the government, after eliminating technology from Huawei and ZTE from what is considered to be the brain of a telecom network. Read more

Transformers manufacturer Danish Power will become the biggest ever IPO in the SME (small and medium enterprise) segment. The Rs 198-crore maiden public issue will open for subscription on October 22 with price band fixed at Rs 360-380 per share. Read more

Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.

Brent crude futures rose 45 cents, or 0.6%, to $74.67 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude futures were at $70.84 a barrel, up 45 cents, or 0.6%.

Both crude benchmarks settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row.

The benchmarks are down 6-7% so far this week after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency cut demand forecasts for 2024 and 2025.

Prices have also fallen as risk premiums have cooled with fears having eased that a retaliatory attack by Israel on Iran could disrupt oil supplies, though uncertainty remains over conflict in the Middle East.

Equities in Asia rose after Wall Street closed higher, helped along by a rotation out of megacap tech and into economically sensitive shares including smaller companies.

Shares in Hong Kong, mainland China and Australia gained, while Japanese stocks fluctuated. US equity futures edged lower after the S&P 500 rose 0.5% on Wednesday. The Russell 2000 index of small-caps rose to the highest level in almost three years, while the Nasdaq 100 lagged, climbing just 0.1%

Mphasis on October 17 reported an 8 percent jump in net profit at Rs 423.3 crore in the second quarter of FY25, compared to Rs 391.95 crore in the year-ago period, the IT firm said in an exchange filing.

The Bengaluru-based firm had reported a net profit of Rs 404.5 crore in the June quarter of the current financial year, the filing showed.

Freshara Agro Exports IPO will open for subscription on October 17 and close on October 21. The price band for the Rs 75.39-crore IPO has been set at Rs 110 to Rs 116 per share.

Hyundai Motor India’s IPO will close for subscription today (October 17). The Rs 27,870-crore IPO opened on October 15 and has received 42 percent of subscription so far in two days.

The retail portion was subscribed 38 percent, while the non-institutional investors segment fetched 26 percent subscriptions. The quota for qualified institutional buyers (QIBs) garnered a 58 percent subscription. The employee portion of the IPO was booked with 1.31 times subscription. Read more

Pranik Logistics Limited will make its stock market debut today (October 17). The Pranik Logistics IPO opened for subscription on October 10 and closed on October 14, while the allotment was finalized on October 15. The price band is set at Rs 73 to Rs 77.