Hyundai Motor India is gearing up to launch what could be India's largest initial public offering (IPO) ever this Diwali.
The report said that the bankers have valued HMIL at $22-28 billion, and the automaker is likely to dilute 15-20 per cent to raise $3.3-5.6 billion (Rs 27,390 to Rs 46,480 crore). This would make it a larger IPO than LIC, which had an issue size of Rs 21,000 crore.
The company, a subsidiary of the South Korean automaker Hyundai Motor Company, is eyeing a significant milestone with this move. The IPO's magnitude signifies a strategic shift in Hyundai's approach towards the Indian market.