Hyundai Motor India’s initial public offering began its second day of subscriptions on Wednesday. As of the second day, this IPO had received applications at a ratio of 0.22 times the offering ratio. The subscription rate on the first day was 18%.
The company has set a price band of Rs 1,865 to Rs 1,960 per share for the three-day IPO, which is a pure offering of 1.42 billion shares.
The company aims to raise up to Rs 27,870 crore, making it India’s biggest IPO in 2022, surpassing the Rs 21,000 crore offered by Life Insurance Corporation.
The minimum application lot size is 7 shares.
Ahead of its IPO, Hyundai Motor India on Monday raised Rs 8,315 crore from key investors. It has allotted 4.24 billion shares to 225 anchor investors at Rs 1,960 per share.
Chief Operating Officer Tarun Garg said the IPO marks the second phase of Hyundai Motor India’s growth story and provides opportunities for both local and global investors. . “We are the second largest company in the passenger vehicle sector in India and this IPO marks an important milestone in our growth journey,” he said.
