Hyundai Motor India to shortly file for country’s largest IPO, aiming for $3 billion with valuation target of $18-20 billion

South Korean auto giant Hyundai Motor Co’s Indian arm Hyundai Motor India Limited is gearing up to file draft papers shortly with market regulator Sebi to raise around $3bn via an initial public offer ( IPO) at a targeted valuation between $18 bn to $20 bn, multiple sources in the know told Moneycontrol on the condition of anonymity.

If the listing plans fructify, this would be India Inc’s biggest-ever IPO and beat the earlier record set by state-owned LIC’s $2.7 bn listing in 2022.

“The plan is for the e-filing of the draft red herring prospectus to be done today ( June 14) with Sebi in the second half. But it may spill over depending on the pace of finishing touches. The issue is entirely an offer for sale ( OFS) by the parent which is expected to sell 140 million to 150 million shares,” said one of the persons above.

Two other persons confirmed the same.

Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the i-banks advising on the transaction with law firm Shardul Amarchand Mangaldas acting as the company counsel Moneycontrol has sent an email query and could not elicit an immediate comment from

Hyundai headquarters and its advisors and will update this article as soon as it hears from them.

On May 24, Moneycontrol had reported that the filing of draft papers by Hyundai’s India unit was expected by end June and the firm was looking to raise between $2.5 bn to $3bn.

Citi, JP Morgan and HSBC Securities had been engaged previously for the high-profile deal, Moneycontrol had reported on February 9.

Also Read | Hyundai picks Shardul Amarchand, Latham as legal advisors for India IPO

Hyundai Gearing Up For Mega India Listing

Hyundai Motor India Limited was India’s second largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes.
The share price of rival Maruti Suzuki India has risen by 24.35 per cent in the last six months. The market leader has a market cap of around Rs 4,00,000 crore or nearly $48 bn.

Hyundai’s India unit ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore, the highest amongst the non-listed car manufacturers in the country, according to Autocar Professional. India is a significant market that accounted for around 13 percent of Hyundai’s global sales in 2023. i20, Verna, Creta, Aura and Tucson are some of the firm’s car models in the Indian market.

The India unit clocked the highest-ever domestic sales in 2023, crossing the six-lakh mark.

The Economic Times was the first to report the India listing plans of Hyundai on February 5. Responding to media reports, Hyundai Motor Co issued an official statement to the Korean Stock Exchange on February 7. Hyundai said that as a global company, it is constantly reviewing various activities, including listing overseas subsidiaries, to increase corporate value, but nothing has been confirmed to date.

Hyundai Motor Group’s Executive Chair Euisun Chung made a visit to India last month to review the firm’s mid to long -term mobility strategies.