Hyundai Motor shares rose 6.34 percent to 285,000 won (US$206), a new 52-week peak, shortly after the open on the South Korean exchange.
The stock shed early gains to 279,000 won by 10:30 a.m. South Korean time, Yonhap news agency reported.
Earlier in the day, Hyundai Motor said in a regulatory filing that its Indian unit has submitted IPO documents to the Indian regulator.
Hyundai Motor said the decision on listing its Indian unit will be taken after a review by India’s regulatory body, without giving further details.
Hyundai Motor India has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO.
According to the DRHP, “The object of the Offer is to offer for sale up to 142,194,700 (over 142 million) equity shares of face value of Rs 10 each by the promoter selling shareholder and to avail the benefits of listing of the equity shares on the stock exchanges.”
Further, Hyundai Motor India’s DRHP states, “Our Company expects that the listing of the equity shares will enhance our visibility and brand image and provide liquidity and public market access for the equity shares in India.”
If the listing gets approval from the regulator, it will be the country’s biggest IPO (a pure offer for sale by a promoter) after the $2.7 billion listing of state-owned Life Insurance Corporation of India (LIC) in 2022.
In FY24, Hyundai Motor India was the country’s second-largest carmaker (in terms of passenger sales volume) after Maruti Suzuki.
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