Hyundai Motor India shares jump 6%

Shares of newly-listed Hyundai Motor India Limited, the Indian arm of South Korean automaker Hyundai, jumped 6% on Wednesday (October 23, 2024), a day after making the market debut.

The stock climbed 5.91% to ₹1,928.15 from the previous close on the BSE. At the NSE, the stock surged 6% to ₹1,928.90. Shares of Hyundai Motor India Limited on Tuesday (October 22, 2024) made a muted market debut and ended more than 7% lower against the issue price of ₹1,960.

Hyundai Motor India debuts at BSE at a discount of 1.48%, falls nearly 6% post listing

The Initial Public Offer (IPO) of Hyundai Motor India Limited got subscribed 2.37 times on the last day of the bidding, helped by institutional buyers. This was the biggest IPO in the country, surpassing LIC’s initial share sale of ₹21,000 crore. The ₹27,870 crore initial share sale had a price band of ₹1,865-1,960 per share.

This was the first initial share sale by an automaker in over two decades, following Japanese carmaker Maruti Suzuki’s listing in 2003. The IPO was entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component. HMIL commenced operations in India in 1996 and currently sells 13 models across segments.