Hyundai Motor India’s IPO will open subsequent week for subscriptions and can probably be priced within the vary of INR 1,865 to INR 1,960 (USD 22 to USD 23) per share, sources mentioned on Tuesday, valuing the automaker at as much as USD 19 billion within the nation’s greatest inventory providing this 12 months.
The USD 3 billion IPO will open for subscriptions for giant institutional buyers on Oct. 14, and invite bids from retail and different classes throughout Oct. 15-17, mentioned three sources with direct information, who declined to be named because the discussions are confidential.
On the higher finish of the value band, the corporate will roughly be valued at USD 19 billion, the sources mentioned, including the inventory is ready to start out buying and selling in Mumbai on Oct. 22.
Hyundai didn’t instantly reply to Reuters queries.
The IPO will make it the nation’s first automotive maker to go public in twenty years since Maruti Suzuki in 2003, and would come simply after Indian inventory markets touched file highs and noticed many firms making debuts.
Hyundai won’t problem new shares within the IPO which is able to contain its South Korean dad or mum promoting as much as 17.5% of its stake within the wholly owned unit to retail and different buyers through a so-called “supply on the market” route.
