Hyundai Motor says no decision on India IPO yet, expect further information in a month

Hyundai Motor says IPO for its India unit not decided yet

Hyundai Motor said on February 7 that it has not taken any decision yet about the listing of its Indian subsidiary. The automaker said that it would provide an update on the issue either one month from now or when its IPO plans are finalised, reported Reuters.

"As a global company, we constantly review various measures, including listing overseas subsidiaries, to increase corporate value, but nothing has been decided," Hyundai Motor said in a regulatory filing.

Reuters reported on February 6 that the South Korean automaker is planning to list its India unit to raise at least $3 billion in what would be India's biggest IPO.

Two sources privy to the development were quoted as saying that Hyundai Motor India is in the early stages of conversations with many banks regarding an initial public offering (IPO), including JP Morgan, Morgan Stanley, Citi, and Bank of America.

Hyundai, the country's second-largest carmaker with a 15 percent market share, is seeking money that may put the worth of its Indian business at as much as $30 billion—more than half of its $42 billion market capitalisation in Seoul.