Hyundai Motors India has kickstarted its US$3.3 billion IPO, marking the country’s biggest public share offering to date. This move is seen as a test of international investor confidence in India’s push to establish itself as a major manufacturing hub and a viable alternative to China.
The IPO, which runs from Tuesday to Thursday, will see Hyundai’s South Korean parent company divesting up to 17.5% of its stake in the Indian subsidiary. The listing of shares on Indian stock exchanges is set for October 22.
Key investors like the Singapore government, BlackRock, and Fidelity have already shown interest by purchasing significant stakes. This move could help Hyundai close the gap with Maruti Suzuki, the market leader in India’s booming automobile industry.
This IPO is part of a series of substantial public listings in India, outpacing recent offerings like Paytm and LIC. Hyundai aims to leverage this fundraising to bolster its operations and global market presence.
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