Hyundai Motor India IPO sails through; subscribed 100% on Day 3
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Amid tepid subscription, the Hyundai Motor India Ltd (HMIL) issue has sailed through on the third and final day of bidding as it was subscribed 1.24 times by 1 PM, thanks to a push from large institutions i.e. QIBs. The ₹27,870-crore IPO of the Korean auto giant's India unit received bids for ₹12.3 crore shares against 9.9 crore on offer, the NSE data updated by 1.25 PM shows.
In the Qualified Institutional Buyers(QIBs) category, Hyundai Motor India saw 3.27 times subscription, with 9.2 crore bids received against 2.8 crore on offer in the category. The other category that has already received full subscription is the employee quota, wherein 12,17,986 shares were bid for against 7,78,400, thus subscribing 1.56 times.
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The NIIs or Non-Institutional Investors quota was subscribed only 0.38 times by the time of filing of the report at 1.31 PM. Only 81,08,730 shares were bid for against 2,12,12,445 on offer. The category of retail individual investors(RIIs) has been subscribed 0.44 times and 2.1 crore shares have been bid for against 4.9 crore on offer.
Ahead of the opening of the initial public offering (IPO) on Tuesday, Hyundai raised ₹8,315.3 crore from 225 anchor investors on October 14. The company allotted 4.2 crore equity shares to anchor investors at the upper end of the price band of ₹1,960 per share.
In the unregulated grey market, premium for Hyundai India shares has declined sharply to ₹17 apiece from ₹570 apiece before the IPO launch last month. This indicates a rather flat listing gain of 0.87% at the upper price band listing of ₹1,960.
Hyundai Motor India aims to raise ₹27,870 crore at a valuation of ₹1.59 lakh crore. The issue is entirely an offer for the sale of 14.22 crore shares by Hyundai India’s South Korean parent at a price band of ₹1,865-1,960 per share.
Since the public issue is completely an OFS, the company will not receive any proceeds from the IPO. The lot size of the IPO is 7 shares and multiple thereafter. The minimum application amount for retail investors is ₹13,720 for one lot, while the maximum is 14 lots or 98 shares for ₹192,080.
The three-day IPO of Hyundai will close today. The allotment to eligible applicants is expected to be on October 18, 2024, while the tentative listing date is October 22, 2024.
Hyundai Motor India holds a 14.6% market share in the domestic passenger vehicle (PV) market in Q1FY25, second to Maruti Suzuki, which has a 41% share in this category. It is expanding its production capacity in India with the acquisition of a plant in Talegaon, Maharashtra, which is expected to start operations in H2FY26. The company expects its annual capacity to increase from 824,000 units to 994,000 units by H2 FY26.
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