June 11 (Punjab Khabarnama) : For the first time since 2003, an auto company is going to rock the Indian stock market again. After more than two decades, South Korean company Hyundai Motor’s Indian company Hyundai Motor India Limited is all set to bring an IPO. It is believed that if Hyundai brings an IPO in India, it will be the biggest IPO ever as the auto company plans to raise Rs 25,000 crore to Rs 30,000 crore through IPO. Earlier, only PSU company LIC had raised Rs 21,000 crore through IPO.
Hyundai will file DRHP with SEBI
According to a report, auto sector giant Hyundai Motor India Limited may file Direct Red Herring Prospects (DRHP) with market regulator SEBI within the next two weeks and with this the process of the biggest IPO ever will also begin.
The report said that after filing the DRHP, the auto company can also organize investor roadshows in India and abroad next month. Hyundai Motor India Limited has chosen Citibank, Kotak Mahindra Capital and Morgan Stanley, HSBC and JP Morgan as advisors for the IPO. These investment banks will help Hyundai India to bring IPO.
When will Hyundai IPO come
If the company files DRHP, then approval from SEBI can be received in the next 60 to 90 days. That is, there is a possibility of getting approval from the market regulator to bring IPO by September maximum. After this, Hyundai can bring IPO in September or October 2024 and can be listed in the stock market. If approval is received from SEBI, then after 2003, any auto company will enter the stock market. Let us tell you that on June 12, 2003, India’s largest carmaker Maruti Suzuki India Limited came up with an IPO of Rs 993.35 crore.