Hyundai Motor India sold shares worth $989.4 million to BlackRock, Fidelity on Monday, as the carmaker launched the country's biggest IPO at $3.3 billion
The Logo of Hyundai Motor India Limited is seen on a parked car in the company's stockyard, in the outskirts of Ahmedabad, India , October 8, 2024.Hyundai Motor India sold shares worth $989.4 million to institutional investors including BlackRock and Fidelity on Monday, as the carmaker launched a $3.3 billion IPO that will be the country's largest share offering yet.
The IPO shows continued enthusiasm for India's capital markets, with 260 companies having raised more than $9 billion so far in 2024, according to LSEG data. The year-to-date volume has already surpassed the $7.42 billion total raised last year. Retail and other investors can place orders from Tuesday to Thursday following on from Monday's buying by the anchor investors — large institutions that usually buy shares at the upper end of the price band and are subject to a lock-in period when they cannot sell shares.
"The company's plans for a 250,000 vehicle expansion by December 2025 show that there is apparent money in the long term for anchor investors. This, along with prospective market share improvement provides a runway of growth for the company," said Arun Kejriwal, founder of Kejriwal Research.
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