Amidst the great rally in the Indian stock market, the hustle and bustle in the IPO market is not slowing down. Every week many new IPOs are being launched in the market and giving investors opportunities to earn. Meanwhile, LIC’s record of the biggest IPO is going to be broken. The new biggest IPO in the history of the domestic market is going to open soon.
SEBI approves Hyundai’s IPO
According to a Reuters report, South Korean automobile company Hyundai is soon bringing an IPO of its local unit. Hyundai India’s IPO proposal has been approved by market regulator SEBI. This claim has been made in the report quoting two sources related to the matter. However, neither Hyundai nor SEBI has said anything officially about this yet.
Name is among the top-3 in the Indian market
Hyundai India is one of the top-3 companies in the Indian automobile market. The company had filed a draft with the market regulator SEBI about 3 months ago to bring IPO in the Indian market. For the proposed IPO, Hyundai India has appointed many big bankers like JP Morgan, Citigroup, HSBC as managers.
Hyundai’s IPO can be this big
Earlier, Reuters had claimed in a report a few months ago that the size of Hyundai India’s proposed IPO could be $3 billion. In Indian currency, this size becomes more than Rs 25 thousand crore. Currently, the record of bringing the largest IPO in the Indian market is registered in the name of government insurance company LIC, which brought an IPO of about Rs 21 thousand crore in May 2022, about 2 years ago. This means that as soon as Hyundai India’s IPO comes, the record of the biggest IPO registered in the name of LIC will be broken.
IPO of a car company coming after two decades
Hyundai India is trying to estimate a valuation of up to 30 billion dollars in the proposed IPO. This is going to be the IPO of a car company in the Indian market after almost two decades. The last IPO of a car company came in 2003, when Maruti Suzuki was listed on the stock market. The Indian market is of special importance for Hyundai’s overall global business. After America and South Korea, it earns the most from the Indian market.
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