The upcoming Hyundai Motor India’s IPO, set to be India’s largest ever, marks a significant moment for the automotive sector as Hyundai Motor India prepares for its public listing.
The Securities and Exchange Board of India (SEBI) has officially approved Hyundai Motor India Ltd.’s ambitious ₹25,000-crore (USD 3 billion), initial public offering (IPO), poised to be the largest in the country’s history. This landmark offering is anticipated to enter the market by November, marking the first automotive IPO in over 20 years since Maruti Suzuki’s debut in 2003.
Legal counsel for Hyundai Motor India has been entrusted to Shardul Amarchand Mangaldas & Co, led by Prashant Gupta, with partners Nikhil Naredi and Priya Awasthi, among others.
Cyril Amarchand Mangaldas will serve as legal counsel for the banks, led by Senior Partner Yash J. Ashar.
International counsel for Hyundai Motor India will be overseen by Latham & Watkins.
Additionally, Shweta Rao, head of Vahura, played a vital role in the appointment of three independent directors for Hyundai Motors, enhancing the company’s governance ahead of the IPO.
This IPO will feature an offer-for-sale (OFS) of up to 142.2 million shares, equating to a 17.5% stake in Hyundai Motor India Ltd. (HMIL), sold by its parent company, Hyundai Motor Co. Importantly, since the IPO is structured solely as an OFS, HMIL will not receive any funds from the offering. The primary goals are to enhance the company’s visibility, bolster its brand image, and improve liquidity in the Indian market.
Hyundai Motor India, currently the second-largest car manufacturer in India after Maruti Suzuki, filed its draft red herring prospectus (DRHP) with SEBI in June. According to the DRHP, the objectives of the offer include the sale of up to 142,194,700 equity shares, each with a face value of ₹10, by the Promoter Selling Shareholder and achieving the benefits of listing on the Stock Exchanges.
Prominent global and domestic investment banks, such as Citi, HSBC Securities, J.P. Morgan, Kotak Mahindra Capital Companies, and Morgan Stanley, will oversee the IPO.
This historic IPO is expected to make waves in the Indian capital markets and could inspire other automakers to consider public listings in the near future.
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