Hyundai India IPO subscribed 17% on Day 1 so far, retail portion booked 26%

Hyundai India IPO: So far, NII portion has been booked 7% and employee portion 46%

Quarterly IPO Performance Report: Hyundai Motor India


IPO Overview:

  • IPO Size: ₹27,870 crore
  • IPO Dates: October 15 - October 17, 2024
  • Offer Type: Entirely Offer for Sale (OFS) of 14,21,94,700 equity shares
  • Promoter: Hyundai Motor Company (HMC), South Korea
  • Anchor Investment Raised: ₹8,315.3 crore from 225 anchor investors on October 14, 2024

Day 1 Subscription Performance (as of 4:30 PM, October 15, 2024)

Investor Category Subscription (%)
Overall Subscription 17%
Retail Investors 26%
Non-Institutional Investors (NII) 13%
Qualified Institutional Buyers (QIBs) 5%
Employee Subscription 77%

Key Investor Participation:

  • Anchor Investors:
    • Global institutional giants such as the Government of Singapore, Fidelity, and Government Pension Fund Global invested ₹2,191.66 crore.
    • Notable mutual funds like ICICI Prudential, HDFC, SBI, and Axis were allocated shares in the anchor round.
    • A total of 1.46 crore equity shares (34.42% of anchor allocation) were allotted to 21 domestic mutual funds via 83 schemes.

Key Highlights:

  1. IPO Size and Allocation:

    • Hyundai Motor India's IPO aims to raise ₹27,870 crore, making it the largest-ever IPO in India's history, surpassing the Life Insurance Corporation (LIC) IPO.
    • The offering consists solely of an OFS by Hyundai Motor Company, with no fresh issue.
  2. Steady Retail Demand:

    • Retail investors have shown steady interest, with 26% of the allocated retail portion already subscribed.
    • Retail bids amounted to 1.27 crore shares against the 4.94 crore shares on offer.
  3. Anchor Investor Momentum:

    • On October 14, Hyundai Motor India raised ₹8,315.3 crore from 225 anchor investors, with a significant global institutional participation.
    • The anchor book included key global investors like Baillie Gifford, Vanguard, Blackrock, and Canada Pension Plan Investment Board.
  4. Employee Enthusiasm:

    • The employee portion saw 77% subscription on the first day, with employees placing bids for 5.96 lakh shares out of the 7.78 lakh available.
  5. Market Impact and Brand Visibility:

    • Hyundai Motor India's IPO listing is expected to significantly enhance the company's visibility, liquidity, and public presence in the Indian market.

Outlook: Hyundai Motor India's IPO has garnered a robust response from a wide range of investors. With anchor investments led by marquee names globally and steady retail demand, the offering is well-positioned to be a landmark event in India's financial market history. The IPO closes on October 17, and investor interest is expected to rise in the final days.

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