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Hyundai Motor India Receives SEBI Nod for $3 Billion IPO
New Delhi, September 26, 2024: Hyundai Motor India has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its highly anticipated Initial Public Offering (IPO), according to sources familiar with the matter. This landmark move signals a pivotal moment for the Indian automotive sector.
The South Korean automaker is aiming to raise $3 billion through this IPO, with an estimated valuation of approximately $20 billion, as previously disclosed by sources to Reuters. This will be the first IPO from a car manufacturer in India in two decades, following Maruti Suzuki’s public debut in 2003.
Hyundai’s decision to go public comes at a time when the company is working to strengthen its position in India amidst rising competition from domestic players like Tata Motors. The automaker is focusing on expanding its SUV lineup to capture a larger share of this growing segment.
Looking to the future, Hyundai has ambitious plans for the Indian market. It is set to launch its first locally-produced electric vehicle early next year, and by 2026, will introduce at least two gasoline-powered models tailored to the Indian consumer. India is the third-largest revenue generator for Hyundai globally, after the U.S. and South Korea. The company has already invested $5 billion in India and plans to inject an additional $4 billion over the next decade, emphasizing its long-term commitment to the region.
In related news, SEBI has also approved the IPO of Swiggy, the food delivery giant backed by SoftBank. Swiggy is eyeing a valuation of approximately $15 billion and plans to raise between $1 billion and $1.2 billion, further showcasing the dynamic nature of India’s business environment and the growing interest in tech-enabled services.
