Hyundai Motor India plans to roll out nearly Rs 25,000 crore IPO

Hyundai Motor India Limited (HMIL) is planning to dilute about its 17.5 per cent stake through an initial public offering (IPO) in a bid to raise to $3 billion (around Rs 25,000 crore), said people privy to the development on Friday. India is the first market, besides South Korea, where any arm of the automaker is getting listed. If successful, its IPO proceeds will surpass Life Insurance Corporation’s (LIC’s) Rs 21,000 crore share sale, setting a new Indian record.This event would also be a significant milestone for the Indian automotive sector, as it shall be the first IPO by a car manufacturer since Maruti Suzuki’s listing in 2003. HMIL, the second-largest carmaker in India after Maruti Suzuki, according to the sources, plans to sell approximately 140 million of its total 800 million shares. HMIL did not respond to Business Standard’s request for a statement on this matter.Investment banks Citi, HSBC Securities, JPMorgan, Kotak Mahindra Capital, and Morgan Stanley, it has been learnt, are advising on the transaction, with Shardul Amarchand Mangaldas serving as the company’s legal counsel.