Hyundai Motor India was listed at a price of Rs 1,934 on the National Stock Exchange, a discount of 1.3% to the issue price. The company was listed at Rs 1931 on BSE, a discount of 1.48%.
Hyundai India IPO GMP
The company’s shares were attracting a premium of 2.4% in the grey market, indicating listing gains. The grey market premium for Hyundai India shares has continuously declined ahead of the IPO. The grey market is an unofficial market to trade shares ahead of listing.
Hyundai India IPO Details
The company kept the IPO price band between Rs 1,865 to Rs 1,960 per equity share. The IPO was opened to investors on October 15 and closed on October 17. The automobile behemoth raised Rs 27,870 crore. The IPO was entirely an offer for sale of 14.22 crore shares.
Hyundai India Allotment and Subscription Details
The company finalised the share allotment on October 18. Kfin Technologies took care of the allotment process. The IPO was subscribed to a total of 2.37 times, driven by an overwhelming booking by QIBs of almost 7 times. The retail buyers subscribed to the issue 0.50 times while NIIs 0.6 times. The employee segment was booked 1.74 times.
Hyundai India IPO Employee Reservation
The company kept aside up to 778,400 shares for employees, which were available to them at a discount of Rs 186 to the issue price.
Expert’s Take on Hyundai India IPO
“We believe the majority of the investors especially NII’s & retail stayed back on a few reasons like concern over high valuations to peers followed by 100% offer-for-sale (OFS) component without any fresh issue leaving nothing on the table for new investors to gain and industry concern on high inventory across the sector and slowing demand in the last ~3-4 months and short term trend still looks dull and weak. Considering sluggish under-subscription demand from NII’s and retail investors and market sentiments on overvaluation concern followed by lower demand and oversupply scenario in the sector, there is a very high possibility of flat to negative market debut,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
BRLMs of Hyundai IPO
Kotak Mahindra Capital Company, Citigroup Global Markets India, HSBC Securities & Capital Markets, J.P.
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