Hyundai IPO prices set at Rs 1,865-1,960 per share

Hyundai IPO : Hyundai Motor India has set a price range of Rs 1,865 ($22) to Rs 1,960 ($23) for its initial public offering ( IPO ) that opens next week for subscriptions, an advertisement in a daily newspaper showed on Wednesday.The Indian unit of the Korean carmaker is offering a discount of Rs 186 per share to eligible employees in the IPO , the advertisement showed.The $3 billion IPO , India's largest ever, will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17.Hyundai is set to offer 14.22 crore existing shares in its highly anticipated initial public offering ( IPO ), according to a regulatory filing by its parent company, Hyundai Motor. The filing indicates that the IPO will not involve any fresh share issuance, with the offering potentially valued at up to Rs 25,000 crore. Further details, including the price band and the IPO date, will be disclosed at a later stage.Hyundai’s IPO would be the largest initial public offering in India after LIC's initial share sale of Rs 21,000 crore. The development marks a major milestone for the Indian industry, as it is the first automaker's initial share sale in over two decades, following Japanese automaker Maruti Suzuki 's listing in 2003.The South Korean parent is diluting some of the stake through the OFS route. Since the public issue is completely an OFS, Hyundai Motor India Ltd, which is the second largest carmaker in India after Maruti Suzuki India, will not receive any proceeds from the IPO .

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Hyundai IPO prices set at Rs 1,865-1,960 per share

The Indian unit of the Korean carmaker is offering a discount of Rs 186 per share to eligible employees in the IPO, the advertisement showed.

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