SYDNEY/SEOUL - Hyundai Motor India launched a US$3.3 billion (S$4.3 billion) initial public offering (IPO), the country's largest ever, as it sold shares worth US$989.4 million to institutional investors on Oct 14.
Singapore sovereign wealth fund GIC and US asset management giant BlackRock together picked up stakes worth a total of US$77.3 million, while American financial major Fidelity bought shares worth US$76.5 million. Domestic mutual funds were allocated shares worth a total of US$340 million.
The IPO response shows continued enthusiasm for India's capital markets, with 260 companies having raised more than US$9 billion so far in 2024, according to LSEG data. The year-to-date volume has already surpassed the US$7.42 billion total raised in 2023.
Hyundai will not issue new shares in the IPO, in which its South Korean parent will sell up to 17.5 per cent of its stake in the wholly owned unit that will be valued at up to US$19 billion.
Diese Geschichte stammt aus der October 16, 2024-Ausgabe von The Straits Times.
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