The shares of Hyundai Motor India Limited, which has got the tag of India's largest IPO, have returned to the green. Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, closed over 4 percent higher on Wednesday, a day after its market debut. The company's shares were listed in the stock market only on Tuesday. The company's shares closed 4.19 percent higher at Rs 1,896.70 on BSE. It rose 5.91 percent to Rs 1,928.15 during the day. The company's shares closed at Rs 1,900, up 4.41 per cent, on the NSE. The stock rose 6 per cent to Rs 1,928.90 during the day.
Market valuation increased to Rs 1,54,114.67 crore
According to the news, the market valuation of the company increased by Rs 1,824.15 crore to Rs 1,54,114.67 crore. Shares of Hyundai Motor India Ltd made a slow debut in the market on Tuesday and closed over 7 per cent lower against the issue price of Rs 1,960. Let us tell you, the initial public issue of Hyundai Motor India Limited got 2.37 times subscription on the last day of bidding on Thursday.
LIC's IPO left behind
It was the country's largest IPO, surpassing LIC's Rs 21,000 crore initial share sale. The price band of the initial share sale worth Rs 27,870 crore was Rs 1,865-1,960 per share. It was the first initial share sale by an automobile company in more than two decades, since Japanese carmaker Maruti Suzuki listed in 2003.
The initial public offering (IPO) was entirely an offer for sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no new issue component. HMIL started operations in India in 1996 and currently sells 13 models across different segments.
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