As Hyundai gears up for an initial public offering (IPO) worth Rs 25,000 crore, its grey market premium (GMP) has seen a significant decline. The IPO is expected to launch between the 15th and 17th of this month, with the GMP currently standing at Rs 147, against a maximum issue price of Rs 1,960.
Last September, Hyundai’s GMP dropped to Rs 570, and just last week it was at Rs 360. This recent decline has pushed it below Rs 200. The GMP value serves as an early indicator of potential demand in the mainstream market. Hyundai’s valuation stands at Rs 1.6 lakh crore, and the company plans to issue and sell 14.2 crore shares.
For FY 2023, Hyundai reported revenue of Rs 60,000 crore and a profit of Rs 4,653 crore. Leading financial institutions such as Kotak Mahindra Capital, Citigroup Global, HSBC Securities, JP Morgan, and Morgan Stanley are acting as the lead managers for the IPO.
According to Hyundai officials, IPO allotment will take place on the 18th, with the listing expected on the 22nd. The shares will be listed on India’s two major stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).