IPO Update: Hyundai Motor India, Two Others Set For IPO Debut This Week

The Indian primary market is buzzing with news of large initial public offerings (IPOs) and listings.

Leading the way is Hyundai Motor India's IPO, the largest in Indian history, which will open for subscription tomorrow.

Hyundai Motor India IPO

Hyundai Motor India, the Indian arm of South Korea’s Hyundai Motor Company, is launching the largest IPO in Indian history.

The company’s Rs 27,870.16 crore book-built issue will be open for subscription from October 15-17, 2024.

This IPO is a complete offer-for-sale of 142.20 million shares priced between Rs 1,865 and Rs 1,960 per share.

Hyundai's IPO outperforms the previous record established by the Life Insurance Corporation (LIC) of India, which raised Rs 21,000 crore in 2022. This is the largest IPO in Indian history and one of Asia's largest public offerings in recent years. Notably, this is the company's first listing outside of South Korea, with shares expected to trade on the stock market on October 22, 2024.

Lakshya Powertech IPO

Lakshya Powertech is issuing a small and medium enterprise IPO (SME IPO) of Rs 49.91 crore, comprising completely new shares. The subscription period lasts from October 16-18, 2024 with 2.77 million shares available. This IPO's allotment is anticipated to be completed by October 21, 2024.

Freshara Agro Exports IPO

Freshara Agro Exports is seeking to issue 6.49 million new shares as part of a Rs 75.39 crore IPO in the SME market. The subscription period for this IPO starts on October 17 and closes on October 21, 2024. The share allotment is expected on October 22.

Upcoming Listings

Several companies are also set to make their stock market launches this week

• Garuda Construction and Engineering will list on the BSE and NSE on October 15, 2024.

• Shiv Texchem will debut on the BSE SME platform on October 15, 2024.

• Pranik Logistic’s IPO will close on October 14, 2024 and its shares will be listed on the NSE SME platform on October 17, 2024. Pranik's IPO, worth Rs 22.5 crore, has a price range of Rs 73-77 per share.