Mumbai, June 15: Hyundai Motor India Limited, the Indian arm of the South Korean auto giant, on Saturday, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO to raise around $3 billion (Rs 25,000 crore).

“The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 (over 142 million) Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," according to the DRHP. Further, "our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India," Hyundai Motor India’s DRHP added. Elon Musk Says Tesla Will Be Worth USD 30 Trillion One Day Due to Advancement in AI and Robotics, Says Company May Make 100 Million Optimus Robots in Year.

If the listing gets the nod from the regulator, it will be the country’s biggest IPO (a pure offer for sale by the promoter) after the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion listing in 2022. The automaker has roped in global investment banks such as Kotak Mahindra, Citibank, Morgan Stanley, JP Morgan and HSBC for its entry into the public market. Kia India Exports Nearly 2.55 Lakh Vehicles to Over 100 Markets in World Since 2019.

In May, Hyundai Motor India clocked seven per cent year-on-year (YoY) growth in total sales at 63,551 units. In FY24, Hyundai Motor India was the country’s second-largest carmaker after Maruti Suzuki (in terms of passenger sales volumes). The company established its first Indian manufacturing plant in 1998 and a second one in 2008. Over the past year, Hyundai Motor Group has announced new investment plans in India totalling approximately five trillion won ($3.75 billion).

(The above story first appeared on LatestLY on Jun 15, 2024 10:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).