Indian market regulator approves Hyundai Motor India IPO

Indian citizens pass by a Hyundai automobile showroom in Mumbai, India. (Reuters/Yonhap)

Hyundai Motor India won approval for its initial public offering (IPO). According to Reuters, which cited sources familiar with the situation, the Securities and Exchange Board of India (SEBI), gave the green light to the Indian corporation of South Korea’s automaker Hyundai Motor Co.

The automaker also plans to raise 3.9 trillion won ($3 billion) at a valuation of 26 trillion won. Hyundai Motor India has two plants in Chennai, the capital city of Tamil Nadu.

The IPO is expected to be the largest-ever in India and the fourth-largest equity market globally. It would also make Hyundai Motor India the first carmaker to go public in India in two decades following Maruti Suzuki’s IPO in 2003.

India is the third-biggest sales generator globally for Hyundai Motor after the United States and Korea. The company’s sales in India grew at an annual growth rate of 4.6 percent, from 3.58 million units in 2013 to 5.08 million in 2022.