New Delhi: Hyundai Motor India Limited (HMIL) IPO has opened for subscription. It has now become the country's largest IPO by breaking the record of government insurance company LIC. The Indian unit of South Korea's auto motor Hyundai will raise Rs 27,870.16 crore from the IPO. It can be subscribed from today i.e. October 15 to October 17. Let us know the complete details of this IPO.

Hyundai Motor India IPO Price Band

The price band of Hyundai's IPO is Rs 1,865 to Rs 1,960 per equity share. Its face value will be Rs 10. Its lot size is seven shares. This means that retail investors will have to invest a minimum of Rs 13,720. The likely date of listing of Hyundai shares on BSE and NSE is Tuesday, October 22, 2024.

Hyundai Motor India IPO GMP

Hyundai's IPO is the first IPO of any car manufacturer since 2003. But, there is very little enthusiasm about it. The reason for this is Hyundai's continuously decreasing gray market premium (GMP). The GMP of Hyundai's IPO was around Rs 1200 in the beginning, which has come down to around Rs 50. If compared to the last week of September, Hyundai's IPO has crashed by more than 90 percent.

Expert opinion on Hyundai's IPO

Even though the GMP of Hyundai's IPO is low, most brokerages are advising to subscribe to it with a long term plan. They say that Hyundai's market share is good and its growth potential is also very high. In such a situation, long term investors can bet on Hyundai. They say that Hyundai will get a lot of benefit when the auto sector revives.

Hyundai raises Rs 8,315 crore from anchor investors

Hyundai Motor India (HMIL) on Monday raised Rs 8,315 crore from anchor investors. It allotted 4.24 crore shares to 225 funds at a price of Rs 1,960 per share, the highest level of its price band. The anchor investors who got the allotment included the Government of Singapore's Sovereign Wealth Fund (GIC), New World Fund and Fidelity. The allotment also included 21 domestic mutual funds (MFs). These include ICICI Prudential MF, SBI MF and HDFC MF, which applied through 83 schemes.