Representational picture of a Hyundai automotive at a showroom in Delhi.
| Photograph Credit score: Reuters
Hyundai Motor India has obtained approval for its initial public offering from the Securities and Change Board of India (SEBI), in accordance with two sources accustomed to the state of affairs.
The South Korean automaker plans to lift $3 billion at a roughly $20 billion valuation, sources beforehand informed Reuters.
This could make it the primary carmaker to go public in India in 20 years, following market chief Maruti Suzuki’s IPO in 2003.
Hyundai India didn’t reply to a request for remark.
The automaker is seeking to reclaim market share from more and more formidable home rivals, similar to Tata Motors, by increasing its SUV lineup.
It plans to launch its first India-made electrical automobile early subsequent yr and introduce at the least two gasoline-powered fashions tailor-made for the market beginning in 2026, three sources with data of the corporate’s plans beforehand informed Reuters.
India third-largest Hyundai market
India is the third-biggest income generator globally for Hyundai after the U.S. and South Korea, and it has already invested $5 billion within the nation with commitments to pump in one other $4 billion over the following decade.
Individually, SEBI additionally accredited the IPO of SoftBank-backed meals supply large Swiggy, which is focusing on a valuation of round $15 billion and goals to lift $1-1.2 billion, in accordance with a number of sources accustomed to the matter.
Printed – September 25, 2024 11:00 am IST
