Hyundai Motor India Ltd's $3 billion initial public offering, the largest such share sale in the country, is likely to open for subscription on October 14, with the price band for the IPO to be announced by the middle of next week, people familiar with the development said.
Hyundai is looking at a timeline of October 14 to 16 for the three-day IPO subscription process, the people said, requesting anonymity. The dates are almost final, barring any unforeseen turn in the market sentiment due to the deepening conflict in the Middle East.
On October 3, the worsening situation in the Middle East spooked investors, with benchmark indices the Sensex and the Nifty, closing more than 2 percent down in their steepest single-day fall in two months.
Continuing its ground offensive in Lebanon, the Israeli military said it killed 15 Hezbollah militants and bombed Beirut, two days after Iran fired a barrage of missiles at Israel.
A spokesperson for Hyundai Motor India declined to comment on the IPO launch plan.
On September 24, Moneycontrol was the first to report that the South Korean auto giant Hyundai Motor's Indian arm had received the Securities and Exchange Board of India's approval to go ahead with the mega issue.
The IPO, a pure offer for sale by the promoter, is India Inc's biggest ever and would beat the record set by state-run Life Insurance Corp. of India's $2.7 billion share sale in 2022.
On June 15, the Indian unit of the auto giant filed its draft red herring prospectus with the market regulator, targeting a valuation of around $18 billion-$20 billion.
Hyundai Motor India was India's second-largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volume.
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