Mumbai: Hyundai Motor’s Indian unit is poised to make its stock market debut this week, following a record $3.3 billion initial public offering (IPO) that marks the largest in Indian history. Hyundai Motor India Ltd. will begin trading on the Indian stock exchange on Tuesday, after the successful completion of its IPO subscription last week.
According to Yonhap News Agency, this milestone makes Hyundai Motor the first South Korean company to list outside its home country and surpasses the previous Indian IPO record held by the Life Insurance Corp. of India, which raised $2.5 billion in 2022. As Hyundai’s key global production hub, India produced 765,000 vehicles last year under the Hyundai banner, positioning Hyundai Motor India as the second-largest carmaker in the nation, following Maruti Suzuki.
The IPO is part of Hyundai’s broader strategy to enhance its competitiveness and expand its market share in India. In recent developments, Hyundai acquired a manufacturing plant previously owned by General Motors
located in Pune, which is being upgraded to include a smart manufacturing system. This plant is expected to start operations in the second half of the next year, potentially increasing Hyundai’s total production capacity in India to one million units annually.
Additionally, Hyundai Motor has ambitious plans for the electric vehicle (EV) sector, aiming to increase its number of EV charging stations across India to 485 by the year 2030. In partnership with Exide Energy and affiliate Kia Corp., the company is focusing on boosting its EV infrastructure to support the launch of new models, including the Creta EV by 2025, and introducing five more EV models by 2030.
The strategic moves by Hyundai Motor India underscore an aggressive push to adapt to the evolving automotive landscape in India, which is increasingly shifting towards sustainable and innovative transportation solutions. Industry observers are now keenly watching to see how this listing will affect Hyundai’s market position in India.