Hyundai (Image: Shutterstock)
Hyundai Motor India has received approval for its initial public offering from the Securities and Exchange Board of India, according to two sources familiar with the situation.
The South Korean automaker plans to raise $3 billion at a valuation of about $20 billion, sources previously told Reuters.
This will make it the first automaker to go public in India in two decades, following the IPO of market leader Maruti Suzuki in 2003.
Hyundai India did not respond to a request for comment outside business hours.
The automaker is looking to regain market share from growing domestic rivals, such as Tata Motors, by expanding its SUV lineup.
It plans to launch its first electric car made in India early next year and launch at least two gasoline-powered models designed for the market from 2026, three sources with knowledge of the company’s plans previously said. Reuters.
India is the world’s third largest revenue generator for Hyundai after the US and South Korea, and it has already invested $5 billion in the country with a commitment to pump in another $4 billion over the next decade.
Separately, SEBI also approved the IPO of SoftBank-backed food delivery giant Swiggy, which is targeting a valuation of around $15 billion and aims to raise $1-1.2 billion, according to multiple sources familiar with the matter.
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First published: Sep 25 2024 | 12:39 AM IST