Hyundai Motor India experienced a lackluster debut on the stock market following the completion of India's largest-ever IPO. This performance suggests that investors are becoming increasingly selective about new stocks, even in an active market. The Korean automaker's Indian subsidiary saw its shares fall by 1.5% at the opening, priced at 1,931 Indian Rupees (approximately $22.97), before declining further by 4.6% on the Bombay Stock Exchange.
The company set its IPO price at 1,960 Indian Rupees per share, raising $3.3 billion, surpassing the 2022 IPO of Life Insurance Corporation of India, which raised about $2.5 billion. During the three-day bidding period last week, Hyundai Motor India's shares were oversubscribed 2.37 times, reflecting sustained investor interest in the Indian capital markets.
Post-IPO, Hyundai Motor India's market capitalization is estimated to be nearly $19 billion. The listing attracted significant cornerstone investors, including BlackRock, Fidelity, and Singapore's sovereign wealth fund GIC, collectively subscribing to $1 billion worth of shares.
