Hyundai and Swiggy receive SEBI approval for Landmark IPOs worth Rs 25,000 Cr and Rs 10,000 Cr By Elets News Network - 25 September 2024

Hyundai Motor India Ltd

Hyundai Motor India Ltd, the Indian subsidiary of South Korean automotive giant Hyundai, and food delivery leader Swiggy have secured approval from market regulator SEBI to launch their initial public offerings (IPOs), according to media reports on Wednesday.

Hyundai Motor India is set to raise at least USD 3 billion (approximately Rs 25,000 crore) through its IPO, making it the largest ever in India, surpassing LIC’s Rs 21,000 crore offering. Meanwhile, Swiggy’s IPO is expected to bring in over Rs 10,000 crore.

Hyundai’s IPO, set for October, is a huge milestone for the automaker, as it will surpass previous record IPOs, including LIC’s Rs 21,008-crore issue in May 2022, and Paytm’s Rs 18,300-crore listing in November 2021. The company plans to dilute around 17% of its equity through the offer, giving it an estimated valuation of $18 billion (about Rs 1.5 lakh crore).

Also Read :- Singapore Airlines CEO Goh Choon Phong to join Air India board following Vistara merger

Hyundai’s aggressive expansion plan ahead of the IPO includes ramping up annual production in India to one million units by 2025, with a strong focus on affordable electric vehicles, set to roll out by 2025. The automaker has earmarked Rs 32,000 crore for investments in India, including the integration of its newly acquired Maharashtra factory from GM.

Related News