Hyundai Motor India IPO gets approval from market regulator Sebi: report
Hyundai (Photo: Shutterstock)
Hyundai Motor India has received approval from the Securities and Exchange Board of India for its initial public offering, two sources familiar with the matter said.
The South Korean automaker plans to raise $3 billion at a valuation of around $20 billion, sources previously told Reuters.
This makes it the first carmaker in 20 years to go public in India, following the IPO of market leader Maruti Suzuki in 2003.
Hyundai India did not respond to a request for comment outside office hours.
The carmaker hopes to regain market share from increasingly strong domestic competitors such as Tata Motors by expanding its SUV line-up.
The company plans to launch its first Indian-made electric vehicle early next year and introduce at least two petrol-powered models designed specifically for the market from 2026, three sources with knowledge of the company’s plans said earlier. Reuters.
India is Hyundai’s third-largest source of revenue after the US and South Korea, with $5 billion invested in the country and commitments to pump another $4 billion in the next decade.
In addition, SEBI also approved the IPO of SoftBank-backed food delivery giant Swiggy. According to multiple sources familiar with the matter, the company is targeting a valuation of around $15 billion and is looking to raise $1-1.2 billion.
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First publication: Sep 25, 2024 | 12:39 PM IST