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MUMBAI, MAHARASHTRA, INDIA – Hyundai automobiles parked exterior the Hyundai showroom in Mumbai.
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Hyundai Motor India was set to begin buying and selling on the nation’s two main inventory markets on Tuesday after a $3.3 billion preliminary public providing, the nation’s largest ever by quantity raised.
The automotive producer had provided 142.19 million shares at a worth vary of Indian rupees 1,865 ($22.18) to rupees 1,960. Primarily based on the excessive finish of the value vary, the complete providing is valued at 278.56 billion rupees, or $3.3 billion.
In line with the corporate, its IPO is greater than twice oversubscribed Reuterswith the shares priced at Rs 1,960 on the prime finish. The IPO began on October 15 and closed on October 17.
That is the primary IPO of part of the South Korean automotive producer exterior South Korea.
Not like a conventional IPO, the place an organization sells new shares, Hyundai Motor India’s itemizing is an providing on the market the place father or mother firm Hyundai Motor Firm sells its shares.
The corporate’s shares will probably be traded on the New Delhi-based NSE and the Mumbai-based BSE.
The lead bookrunners of Hyundai India’s IPO have been Kotak Mahindra Capital, Citigroup International Markets India, HSBC Securities and Capital Markets (India), JP Morgan India and Morgan Stanley India.
In June, analysts informed CNBC they have been optimistic concerning the Indian IPO market, with Neil Bahal, founding father of Negen Capital, saying he expects a “file 12 months for India with a big variety of IPOs and personal fairness exits.”
“The IPOs aren’t as a result of some tech firm guys suppose they need to elevate cash from the inventory market as a substitute of personal fairness. There are superb fundamentals within the fairness markets with supportive insurance policies from SEBI (Securities and Change Board of India), retail participation and broad primarily based alternatives,” he added.
— CNBC’s Amala Balakrishner contributed to this story.
Hyundai Motor India shares will begin buying and selling after the nation’s largest preliminary public providing
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