Hyundai Motor India IPO Subscribed 16% on Day 1 So Far

15 Oct 2024 , 03:22 PM

The big bang Hyundai IPO is accessible for subscriptions between October 15 and 17. Hyundai Motor India’s IPO is set to become India’s largest, surpassing the Rs 21,000 crore Life Insurance Corporation (LIC) IPO in May 2022. It is also one of Asia’s largest recent initial public offerings.

The price band for the offering has been fixed at Rs 1,865 to Rs 1,960 per equity share, with a face value of Rs 10. The cap price is at least 105% of the floor price, but not more than 120%.

As of 3:15 pm, the Employee Reserved portion of the IPO was subscribed the most at 69% followed by retail portion which was subscribed 24%. The NII portion is subscribed 11% whereas the QIB portion is subscribed 5%.

The offering is a complete offer for sale (OFS) of 14.2 crore shares that will be sold by the company’s parent, Hyundai Motor Global. Because the IPO is an OFS, the selling shareholder will receive 100% of the proceeds.

Even though the whole IPO proceeds would go to the parent firm, management has declared that the funds will be used for R&D and new innovative offers.

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