It would be India’s biggest IPO so far as the last IPO as big as Hyundai was of LIC when it raised  $2.7 bn in 2022. The issue is entirely an offer for sale by the parent company which is expected to sell 14 to 15 crore shares to the investors.

India is Hyundai’s third largest revenue generator after the US and South Korea, and it’s IPO would further explore India’s potential.

The company has been operating in India since 1997, with manufacturing facilities in Tamil Nadu and an upcoming plant in Maharashtra. The company has planned up Rs 32,000 crore for investments in India and is also expanding its electric vehicle manufacturing capacity in India.

The issue will be Hyundai's first such listing outside South Korea. The India IPO is aimed at accelerating Hyundai's expansion in a country where it has operated for over 25 years and where its affordable cars like Santro and Creta are popular with Indian buyers.

The IPO will reduce Hyundai Motor India's dependence on its parent company in Korea for funds and chart its own growth plans in a market that accounts for 14% of Hyundai's total global sales.

Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the i-banks advising on the transaction with law firm Shardul Amarchand Mangaldas acting as the company counsel.

Hyundai Motor India Limited was India's second largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes. Since 1998 and up to March 31, 2024, they have cumulatively sold nearly 1.2 crores passenger vehicles in India and through exports.

Their current market position is because of many reasons such as their wide product offerings, the strong Hyundai brand in India, their ability to leverage new technologies to enhance operational and manufacturing efficiency, and their ability to expand into new businesses such as EVs through innovation.