Hyundai Motor India to shortly file for country’s largest IPO

South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited is gearing up to file draft papers shortly with market regulator Sebi to raise around $3bn via an initial public offer ( IPO) at a targeted valuation between $18 bn to $20 bn, multiple sources in the know told Moneycontrol on the condition of anonymity.

If the listing plans fructify, this would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 2022.

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 Moneycontrol has sent an email query and could not elicit an immediate comment from Hyundai headquarters and its advisors and will update this article as soon as it hears from them.

On May 24, sources reported that the filing of draft papers by Hyundai's India unit was expected by end June and the firm was looking to raise between $2.5 bn to $3bn.