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An IPO of that measurement would break the file set by Life Insurance coverage Corp. of India, which raised 206 billion rupees ($2.5 billion) in 2022. It will even be considered one of Asia’s largest IPOs lately. (Photograph: Bloomberg)
By Julia Fioretti, Baiju Kalesh and P R Sanjai
Hyundai Motor Co. may increase as a lot as $3.5 billion from the eagerly anticipated preliminary public providing of its Indian unit, folks aware of the matter stated, simply making it the largest to ever happen within the nation.
Hyundai Motor India Ltd. plans to begin gauging investor curiosity within the coming weeks, with an inventory seemingly in September or October, the folks stated, asking to not be recognized as the data isn’t public.
The carmaker is concentrating on a deal measurement of a minimum of $3 billion, doubtlessly rising to as a lot as $3.5 billion, the folks stated. Particulars similar to the dimensions and timing of the providing are nonetheless beneath dialogue and will change, they stated.
A consultant for Hyundai India declined to remark. IFR and India media have beforehand reported the IPO may increase about $3 billion.
An IPO of that measurement would break the file set by Life Insurance coverage Corp. of India, which raised 206 billion rupees ($2.5 billion) in 2022. It will even be considered one of Asia’s largest IPOs lately.
Hyundai filed a draft purple herring prospectus with the market regulator in mid-June, saying it will promote a 17.5% stake, or 142.2 million shares. The unit isn’t promoting new shares within the IPO and the proceeds will go to the mother or father, it stated.
Virtually $5 billion has been raised by way of IPOs in India this 12 months, greater than double the quantity by this stage final 12 months, information compiled by Bloomberg present.
First Printed: Jul 02 2024 | 10:16 PM IST
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