In the anchor book, around 21 domestic mutual funds have subscribed shares through a total of 83 schemes.
Some of the marquee investors participating in the anchor round include Government of Singapore, New World Fund Inc, Fidelity, ICICI Pru MF, Vanguard, BlackRock, Axis MF, JP Morgan, ADIA, Morgan Stanley, BofA Securities, Citigroup.
The issue is entirely an offer for sale (OFS) of 14.2 crore shares, which will be offloaded by the company’s parent Hyundai Motor Global. Since the IPO is an OFS, all the proceeds will go to the selling shareholder.
Although the entire proceeds from the IPO will go to the parent company, management said the funds will be used for research and development and new innovative offerings.
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The company paid Rs. A price band of 1865-1960 has been set, where investors can bid for 7 shares in one lot.
Hyundai is the second largest car manufacturer in India with a portfolio of 13 passenger vehicle models across sedans, hatchbacks and SUVs. The company aims to leverage its strong local manufacturing capabilities to position itself as Hyundai Motor’s largest manufacturing base in Asia.
It operates two manufacturing facilities in Chennai with a combined installed capacity of 8.24 lakh units per annum and is currently running at over 90% capacity utilization.
In the quarter ended June 2024, Hyundai Motor India posted Rs. 17,344 crore in revenue, compared to Rs. 16,624 crore showing growth. 76% of the total revenue was derived from the domestic market, while exports accounted for 24%.
The company’s net profit for the quarter was Rs. 1,489.65 crore, which was Rs. 1,329.19 crores.
Kotak Mahindra Capital, Citigroup Global, HSBC Securities, JP Morgan and Morgan Stanley are the book running lead managers to the issue, while Caffeine Technologies is the registrar of the offer.
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