Team Blitz India
NEW DELHI: Hyundai Motor India Limited, the Indian arm of the South Korean auto giant, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO to raise around $3 billion (Rs 25,000 crore).
If the listing gets the nod from the regulator, it will be the country’s biggest IPO (a pure offer for sale by the promoter) after the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion listing in 2022.
“The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 (over 142 million) Equity Shares of the face value of ₹ 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.
The automaker has roped in global investment banks such as Kotak Mahindra, Citibank, Morgan Stanley, JP Morgan and HSBC for its entry into the public market.
In May, Hyundai Motor India clocked seven per cent year-on-year (YoY) growth in total sales at 63,551 units.
