Hyundai Motor says IPO for India unit still undecided

Hyundai Motor says IPO for India unit still undecided

FILE PHOTO: The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo

South Korea’s Hyundai Motor Co said on Wednesday that the listing of its Indian unit has not been decided and it will comment on the matter when the plan becomes finalised or within a month.

“As a global company, we constantly review various measures, including listing overseas subsidiaries, to increase corporate value, but nothing has been decided,” Hyundai Motor said in a regulatory filing.

Reuters reported on Tuesday that Hyundai Motor is planning to list its Indian unit to raise at least $3 billion in what would be the country’s biggest IPO.

Hyundai Motor India is in early talks for an initial public offering (IPO) and has held discussions with several banks, including JP Morgan, Morgan Stanley, Citi and Bank of America, according to two people, who have been briefed on the matter.
The fund raising by Hyundai, the second-biggest automaker in India with a 15% market share, would value its Indian operation at up to $30 billion, which is more than half its market capitalisation of $42 billion in Seoul.
Shares of Hyundai Motor closed down 4.0% on Wednesday, versus the benchmark KOSPI’s 1.3% rise.

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