Hyundai Motor Preparing to Bring Massive IPO in India, Targets USD 3 Billion Fund Raising

Hyundai Motor, one of the biggest automobile companies, plans to raise about $3.5 billion through an Initial Public Offering (IPO). This could be the biggest IPO in the country. Hyundai’s sales have increased in the country in the last few years. The company’s shares may be listed in September.

Bloomberg’s report quoted sources with knowledge of the matter as saying that Hyundai’s target is to raise a minimum of three billion dollars through this IPO. This figure can increase to 3.5 billion dollars. Earlier in 2022, Life Insurance Corp had raised about 2.5 billion dollars through IPO. Hyundai had submitted documents for IPO with market regulator SEBI last month. The company had said that 17.5 percent stake would be sold in it.

Hyundai has prepared to increase the range of electric vehicles (EV). Preparations are being made to launch the electric version of the company’s SUV Creta, which sells in large numbers. Earlier, Hyundai has discontinued its first electric vehicle Kona in the country. Hyundai has removed Kona Electric from its website. It was not updated since its launch. Its sales were also weak and the main reason for this was its old design. The company has said that it will launch its new electric vehicle early next year. This will be the electric version of Creta. The company plans to launch four EVs in the country. Recently, Creta’s sales crossed 10 lakh units. The company’s first SUV in the country was launched almost nine years ago. Despite many models being launched in this segment, Creta has received a good response.

EV sales have grown rapidly in the last few years. The company plans to create a local supply chain for important components of EV. South Korea’s Hyundai Motor Group includes Hyundai Motor and Kia. Hyundai and Kia aim to launch hybrid SUVs in 2026 or 2027. Along with this, the plans of both these companies regarding EV are also intact.