New Delhi: Car manufacturer Hyundai Motor India Limited (HMIL), which is going to bring the country's largest IPO, will invest around Rs 32 thousand crore in India by the year 2032. The company says that the country's electric vehicle (EV) market is expected to have strong and stable growth till the year 2030.

According to the IPO documents submitted by the company with SEBI, this amount will be invested on future capital requirements. This includes the purchase of plants, property and equipment. Apart from this, intangible assets related to the launch of new models of passenger vehicles will be purchased.

Production of 7.75 lakh vehicles

According to the IPO documents, the company had purchased assets, plant and equipment worth Rs 559 crore in the quarter ended June 30, 2024. Hyundai Motor India Managing Director Unsoo Kim says that the EV market will grow due to the increasing focus of various companies on the local market and strong government support.

Kim said that HMIL has access to global battery technology. So we are developing an EV ecosystem. The company has set a target of producing 7.75 lakh vehicles this year, which is more than 7.65 lakh units last year.

The company is going to bring an initial public offering (IPO) of Rs 27,870 crore. The company's shares may be listed in the markets on October 22. The company has fixed the price band for the IPO at Rs 1,865-1,960 per share.

Hyundai IPO Details

The price band of Hyundai's IPO will be Rs 1,865-1,960 per share. This will be India's largest IPO, breaking the record of LIC's Rs 21,000 crore IPO. Retail investors will be able to invest in the IPO from October 15 to October 17. Allotment will be done on October 18. Hyundai's entry on BSE and NSE will be on October 22. The registrar of the issue is Kaffin Tech.

Brokerage's opinion on IPO

The brokerage believes that Hyundai's IPO is worth subscribing to considering its market share and growth. LPK Securities has given a subscribe rating to Hyundai's IPO. The brokerage firm says that Hyundai Motor India Limited (HMI) is the second largest player in the passenger vehicle segment in the domestic markets. It has the potential to grow better in the future as well.