Hyundai Motor Preparing to Bring Massive IPO in India, Targets USD 3 Billion Fund Raising

Hyundai Motor, one of the big automobile companies, plans to raise about $3.5 billion through Initial Public Offering (IPO). This could be the country’s biggest IPO. Hyundai sales have increased in the country in the last few years. The company’s shares may be listed in September.

In the Bloomberg report, quoting sources having information about this, it has been said that Hyundai’s target is to achieve minimum three billion dollars through this IPO. This figure may increase to $3.5 billion. Earlier in 2022, Life Insurance Corp had raised about $ 2.5 billion through IPO. Hyundai had submitted documents for the IPO with market regulator SEBI last month. The company had said that 17.5 percent stake would be sold in it.

Hyundai has prepared to increase the range of Electric Vehicles (EV). Preparations are being made to launch the electric version of the company’s widely sold SUV Creta. Earlier, Hyundai has discontinued its first electric vehicle Kona in the country. Hyundai has removed the Kona Electric from its website. It was not updated since launch. Its sales were also weak and the main reason for this was its old design. The company has said that it will launch its new electric vehicle early next year. This will be the electric version of Creta. The company plans to launch four EVs in the country. Recently Creta sales had crossed 10 lakh units. This first SUV of the company was launched in the country about nine years ago. Despite many models being launched in this segment, Creta has received good response.

EV sales have increased rapidly in the last few years. The company plans to create a local supply chain for important components of the EV. South Korea’s Hyundai Motor Group includes Hyundai Motor and Kia. Hyundai and Kia aim to launch hybrid SUV in 2026 or 2027. Along with this, the plans of both these companies regarding EV are also intact.