South Korean carmaker Hyundai Motor Company (HMC) will divest ₹27,856 crore worth of shares through the maiden share sale of its domestic arm, Hyundai Motor India (HMIL), setting the stage for India!s biggest initial public offering (IPO).
India's second-largest passenger Vehicles firm will be Valued at ₹1.59 trillion at the top-end of the price band of ₹1,865-₹1,960. The IPO will remain open between October 15 and October 17.
Around ₹8,315 crore worth of shares reserved for anchor investors will be allotted on October 14. Investment banking sources said there was already over 3x more demand than shares on offer in the anchor book, with marquee global names, such as Abu Dhabi Investment Authority, Amundi, Singapore's GIC, Fidelity, and Black Rock, likely to participate.
Among domestic mutual funds, most of the large fund houses that include SBI MF, HDFC MF, ICICI Prudential MF, Axis MF, and Nippon India MF are also likely to bid for shares.
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