Hyundai Motor Corporation announced on Wednesday that it has yet to make a decision on the listing of its Indian subsidiary. According to Reuters, the multinational automaker stated that updates on the matter will be disclosed in one month or when its Initial Public Offering (IPO) plans are finalised. According to a previous report, the Hyundai Motor India IPO was scheduled to launch around Diwali, between September and November of this year.
Hyundai Motor stated in a regulatory filing that, “As a global company, we constantly review various measures, including listing overseas subsidiaries, to increase corporate value, but nothing has been decided.”
Reuters previously reported on February 6 that the South Korean automaker is considering listing its India unit with the goal of raising at least $3 billion, potentially making India’s largest IPO to date.
According to sources familiar with the situation, Hyundai Motor India is currently in preliminary discussions with several banks about the IPO, including JP Morgan, Morgan Stanley, Citi, and Bank of America. Global investment banks including Goldman Sachs, Morgan Stanley, JP Morgan, and HSBC visited Seoul last week to present their IPO proposals to Hyundai, according to the report.
Hyundai Motor India, founded in 1996, became India’s second-largest passenger vehicle seller last year, trailing only Maruti Suzuki. Maruti Suzuki is currently valued at Rs 33.4 trillion, while Tata Motors is worth Rs 29.3 trillion. At its peak, Hyundai India’s valuation could reach around Rs 23.3 trillion, surpassing Mahindra & Mahindra and Bajaj Auto.