Akshata Sharma
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Hyundai Motor India is all set to go public, becoming the first automaker in India since Maruti Suzuki in 2003 to do so.
The Indian unit of the South Korean automaker has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise around Rs 25,000 crore at a targeted valuation of approximately Rs 1.5 lakh crore.
If SEBI approves the listing, it will be the country's biggest-ever IPO-a pure offer for sale (OFS) by the promoter-surpassing the state-owned Life Insurance Corporation of India's (LIC) $2.7 billion listing in 2022.
"The purpose of the offer is to facilitate the Offer for Sale of up to 142,194,700 (over 142 million) equity shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," according to the DRHP.
In FY24, Hyundai Motor India was the country's second-largest carmaker after Maruti Suzuki (in terms of passenger sales volumes).
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