Hyundai Motor Listing: Hyundai Motor India made a lackluster debut on the stock exchanges on Tuesday, listing at a 1.32 per cent discount on the NSE at Rs 1,934, compared to its initial public offering (IPO) price of Rs 1,960 per share. On the BSE, the stock opened at Rs 1,931, reflecting a 1.47 per cent decline from the issue price.
Despite the weak start, the stock briefly recovered, reaching a high of Rs 1,968.80, up 0.44 per cent. However, it soon dipped again, trading at Rs 1,945.40, down 0.74 per cent during the session.
The company’s IPO, the largest in India’s history, faced considerable fluctuations in its grey market premium (GMP). As per platforms monitoring GMP trends, Hyundai Motor India’s share premium fell sharply into negative territory last week, after reaching a peak of Rs 570 in late September.
ALSO READ | Diwali Bonanza! Haryana Company Rewards Employees With 15 Cars Before The Festival
Hyundai Motor India, the Indian arm of the South Korean auto giant, saw tepid retail interest in its IPO. However, the offering received a strong response from Qualified Institutional Buyers (QIBs), with this segment being oversubscribed by nearly 700 per cent, or 6.97 times.
In early trade, the company’s market capitalisation stood at Rs 1,57,807.67 crore.
The Rs 27,870 crore IPO, which surpassed the record set by LIC’s Rs 21,000 crore offering, was subscribed 2.37 times by the close of bidding on Thursday, driven by institutional investor demand. The IPO had a price band of Rs 1,865-1,960 per share and was entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by Hyundai Motor Company (HMC), with no fresh issue.
Hyundai Motor India, which began operations in the country in 1996, currently sells 13 models across various segments.
Meanwhile, the 30-share BSE Sensex dropped 352 points to 80,799 at 12.12 pm on Tuesday, while the NSE Nifty50 was trading at 24,660, declining 120 points.
