Hyundai Motor India IPO opens next week with likely price band of Rs 1,865-1,960: Report

NEW DELHI/HONG KONG – Hyundai Motor India’s IPO will open next week for subscriptions and will likely be priced in the range of Rs 1,865 to 1,960 per share, sources said on Tuesday, valuing the automaker at up to Rs 1.6 lakh crore in the country’s biggest stock offering this year.

The Rs 25,000 crore IPO will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17, said three sources with direct knowledge, who declined to be named as the discussions are confidential.

At the upper end of the price band, the company will roughly be valued at $19 billion (Rs 1.6 lakh crore), the sources said, adding the stock is set to start trading in Mumbai on October 22.

Hyundai did not immediately respond to Reuters queries.

The IPO will make it the country’s first car maker to go public in two decades since Maruti Suzuki in 2003, and would come just after Indian stock markets touched record highs and saw many companies making debuts.

Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via a so-called “offer for sale” route.

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