New Delhi. Subscription for the IPO of Hyundai Motors India Limited, one of the country's largest car manufacturing companies, can open for general investors from October 14. This will be the country's largest IPO so far and its size is expected to be $3 billion.
It was told in many media reports that Hyundai has given final consent for opening the subscription of IPO from October 14 to October 16.
The reports quoted sources as saying that barring any unexpected changes in the market due to the conflict between Iran and Israel in the Middle East, it has been agreed to open the subscription of the IPO on these dates. However, no decision has been taken yet regarding the price band.
There was a huge fall in the Indian stock market on Thursday due to Iran's missile attack on Israel. During this period, both the main market indices Sensex and Nifty had closed down by more than 2 percent. This was the biggest fall in the stock market so far in the last two months.
However, the market remained bullish amid fluctuations on Friday. At 11 am, Sensex was up 403 points or 0.49 per cent at 82,900 and Nifty was up 95 points or 0.38 per cent at 25,345.
At present, no official statement has been given by Hyundai regarding the IPO dates.
This country's largest IPO has been approved by the Securities Exchange Board of India (SEBI). The biggest IPO till date has been issued by the government company LIC. Its size was 2.7 billion dollars.
The entire IPO of Hyundai Motors India Limited will be an offer for sale. In this, the company will sell 14.2 crore shares with face value of Rs 10, which is 17.5 percent of the total shareholding.
Hyundai India is the second largest car company in the country after Maruti Suzuki. The company's market share is around 15 percent. After the listing, Hyundai India's market cap could be almost half the valuation of its Seoullisted promoter company Hyundai Motors at $47 billion.
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Image Credit: KhasKhabar.