The world’s biggest car market after China and the United States is the company’s third-biggest revenue generator globally.
Hyundai India also said it wants to ship more cars, “strengthening” its position as an export hub.
The South Korean parent will sell up to 142 million of the total 812 million shares, or 17.5%, in the IPO.
With the IPO, Hyundai aims to unlock value for the Indian business and also help the Korean automaker shed its valuation discount compared to global and Asian peers.
Hyundai is being advised on the IPO by investment banks Citi, JP Morgan, HSBC, Morgan Stanley and India’s Kotak.
Persons:
Maruti Suzuki, Narendra Modi, JP Morgan, Morgan Stanley, India’s
Organizations:
Hyundai, Maruti, Tata Motors, Securities and Exchange Board of India, EV, South, Benchmark, Citi, HSBC
Locations:
India, Mumbai, Korean, China, United States, Hyundai India