Hyundai India IPO saw strong demand, while its expanding EV lineup targets India’s growing market and Tesla’s U.S. dominance.
The same year Hyundai Motor Group edged past Ford to be the second-largest non-Tesla EV player in the US market, Hyundai’s India arm performed splendidly with its IPO. As the market closed, demand for more than 4.17 crore equity shares was registered out of 9.97 crore shares that were floated, thus becoming the largest ever IPO in India with the total offer size of Rs 27980 crore. The IPO was made available for the retail investors Non Institutional Investors (NIIs), Qualified Institutional Buyers (QIBs) and employees. The 38% of 4.95 crore shares that are being offered to the retail investors were subscribed by Tuesday close.
Expanding EV Lineup in India
Hyundai has plans for the release of four more ev models in India and the first is the Creta EV set for a launch in January 2025. The other expected new models are Inster EV that is likely to rival Tata’s Punch EV, others being Grand i10 Nios EV and Venue EV. At the moment, Hyundai has its luxurious electric car called IONIQ 5 in India.
India’s Growing EV Market
India is expected to become a Rs 318,000 crore market in the EV sector by 2030 with affordability factors, new models emerging in the mass level, infrastructure development, cost of fuel increased and government support factors. In September 2024, the government of India brought new policy for EV Charging Infrastructure for further expansion.
Hyundai India’s Balance Sheet
Hyundai India is a subsidiary of the Hyundai Motor Company and is located in Seoul. The cash reserve of the company is good; Packing Credit has CRISIL AAA reevaluation, and Short Term Debt is CRISIL A1+ accredited.
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