Hyundai Motor India adds more bankers for possibly a record IPO

Hyundai adds more banks for possible record India IPO

South Korean automotive major Hyundai Motor has plans to line up India's biggest ever IPO, as it moves forward to bring on board Kotak Mahindra Bank and Morgan Stanley as advisers, according to sources. These two banks join Citigroup Inc, HSBC Holdings Plc and JPMorgan Chase as advisers for the public issue.

Moneycontrol was the first to report on the appointment of bankers for the high-profile deal, on May 24.

At the higher end of the range, the auto major is hoping to raise between $2.5 billion to $3 billion through the issue.

Multiple emails sent to the media team of Hyundai headquarters were left unanswered at the time of publishing this article. Kotak Mahindra Capital and Morgan Stanley couldn't be reached for an immediate comment.

Moneycontrol learns that Hyundai Motor India is planning to file for an IPO in June. At $2.5-3 billion, Hyundai Motor IPO would rival that of Life Insurance Corporation's public issue in 2022, when it raised about $2.5 billion.