 "How big will be India's biggest IPO? Hyundai seeks $19 bn valuation to raise $3.3 bn: Report")
Along with festivities, investors are keeping a close eye on India’s biggest IPO – Hyundai Motor India Ltd – expected to launch on October 14.
Hyundai Motor India Ltd initial public offering is touted to be India’s largest-ever listing.
Now, a report by Bloomberg quoted people familiar with the matter as saying that Hyundai Motor Co. is seeking a valuation of $19 billion for the public offering of its India unit.
Hyundai, which plans to sell a 17.5 per cent stake in the business, may raise about $3.3 billion at the current valuation, the report quoted the people as saying.
They further informed that Hyundai is expected to file updated documents with India’s stock market regulator – Securities and Exchange Board of India (SEBI) – one more time as soon as Monday.
Also, a mix of foreign and local institutional investors including asset managers, insurers, pension funds and sovereign wealth funds have expressed preliminary interest in buying shares in Hyundai Motors India Ltd IPO, they said.
Deliberations are underway and more details including the size of the offering, value and timing are expected to change, the people said.
Meanwhile, a report by Moneycontrol quoted people familiar with the development as saying that Hyundai Motor India Ltd IPO is expected to open for subscription on October 4.
Impact Shorts
More ShortsAlso Read: 9 things about India's biggest IPO set to hit markets in October
“Hyundai is looking at a timeline of October 14 to 16 for the three-day IPO subscription process,” the Moneycontrol report quoted the people, requesting anonymity, as saying.
They further said that the dates are almost final, barring any unforeseen turn in the market sentiment due to the deepening conflict in the Middle East.
If successful, the IPO will surpass the current record held by Life Insurance Corporation (LIC) India, which raised around $2.45 billion.
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
