May 27 (Punjab Khabarnama) : Hyundai Motor Company is planning to bring IPO of its unit in India. For this, it has included Kotak Mahindra Bank and Morgan Stanley as advisors. This could be one of the biggest IPOs in India. So far, Citigroup, HSBC and JP Morgan have been selected as advisors. According to a report, India’s second largest car manufacturer can get around $ 2.5 billion from this IPO.
According to the report of International Financing Review (IFR), Hyundai Motor India Limited is planning to file for IPO in June. IFR also said that Kotak and Morgan Stanley are joining the process. According to sources, this IPO can raise up to $3 billion.
This $2.5 to $3 billion IPO could be as big as the 2022 IPO of Life Insurance Corporation of India (LIC), which had raised about Rs 20,600 crore ($2.5 billion) at that time. This list of banks may still change and no final decision has been taken yet regarding the size and timing of the share sale. According to Bloomberg report, if the South Korean company goes ahead with the IPO, it will use the funds raised to expand its business.
India’s BSE Sensex stock index has risen nearly 20 percent in the last seven months and is trading at record highs. However, market volatility is increasing ahead of the upcoming national elections (voting of which is scheduled to end on Saturday). Volatility in Indian stocks today reached its highest level in almost two years.