Mumbai, Maharashtra, India – Hyundai cars were seen parked outside a Hyundai showroom in Mumbai.
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Hyundai Motor India is set to begin trading on Tuesday on the country's two major stock markets after a $3.3 billion initial public offering, the country's largest ever in terms of amount raised.
The automaker offered 142.19 million shares at a price ranging from 1,865 Indian rupees ($22.18) to 1,960 rupees. Based on the upper end of the price range, the value of the entire offering is 278.56 billion rupees, or $3.3 billion.
The company saw its initial public offering more than doubled in subscription, according to Reuters, with shares priced at the high end of Rs 1,960. The IPO opened on October 15 and closed on October 17.
This is the first initial public offering of a unit of the South Korean automaker outside South Korea.
Unlike a traditional IPO, in which the company sells new shares, Hyundai Motor India's listing is an offer for sale, where parent Hyundai Motor sells its shares.
The company's shares will begin trading on the NSE, based in New Delhi, in addition to the BSE, based in Mumbai.
The lead bookrunners on the Hyundai India IPO were Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), JP Morgan India and Morgan Stanley India.
In June, analysts told CNBC they were optimistic about the Indian IPO market, with Neil Bhal, founder of Negen Capital, saying he expected “a record year for India with a large number of IPOs and private equity exits.”
“IPOs are not because some tech guys think they should raise money from the stock market rather than private equity. There are amazing fundamentals in the equity markets with supportive policies from SEBI (Securities and Exchange Board of India), retail participation and a wide range of Stocks “Existing Opportunities” added.
— CNBC's Amala Balakrishner contributed to this story.
