Not decided yet to list in India: Hyundai

Hyundai is seeking to list its Indian business at a valuation of as high as $30 billion.
Hyundai
Hyundai

NEW DELHI : South Korean automaker Hyundai has not decided yet to list its Indian unit on the domestic exchanges here. Hyundai said it will comment on the matter when the plan becomes finalised or within a month.

“As a global company, we constantly review various measures, including listing overseas subsidiaries, to increase corporate value, but nothing has been decided,” Hyundai Motor said in a regulatory filing.

The statement by Hyundai comes amidst speculations that it is planning to list Hyundai Motor India Limited (HMIL) to raise at least $3 billion by launching India’s largest IPO ever during the second half of the calendar year 2025.

It is being reported Hyundai is in the early stages of talks with many merchant banks regarding an initial public offering (IPO), including JP Morgan, Morgan Stanley and Bank of America.

Hyundai is seeking to list its Indian business at a valuation of as high as $30 billion. This would make HMIL, which has about a 15% share in the Indian passenger vehicle (PV) market, more valuable (in terms of market capitalization) than established names such as Mahindra & Mahindra, Bajaj Auto and Hero MotoCorp.

Hyundai India’s annual domestic sales crossed the 6 lakh units mark (6.02 lakh units, up 9% year-on-year) for the first time in calendar year 2023. Exports grew by 10% to 163,675 units. Financially, HMIL’s turnover crossed the Rs 60,000 crore level in FY23, rises 27% from FY22, and further its profit surged 62% to Rs 4,653 crore.

Going forward, the number 2 carmaker in the Indian market has aggressive plans to expand its manufacturing capability. Hyundai’s proposed investment in India stands at over Rs 32,000 crore after it committed two fresh investments here- Rs 6,180 crore in Tamil Nadu and Rs 6,000 crore in Maharashtra. These commitments are in addition to a mega investment worth Rs 20,000 crore announced the previous year.

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