Hyundai looks to sell up to 17.5% stake in India unit IPO, sources say

MUMBAI/SYDNEY :South Korea’s Hyundai Motor objectives to file regulatory papers on Friday for the planned billion IPO of its Indian unit and is having a search for to promote a stake of up to 17.5 per cent within the offering, in accordance to a pair sources with explain data of the topic.

Hyundai Motor India Ltd, India’s 2nd-biggest carmaker at the again of Maruti Suzuki, is no longer going to anxiety contemporary shares within the IPO which is ready to involve its South Korean dad or mum promoting share of its stake within the wholly owned unit to retail and other traders via a so-known as “provide within the marketplace” route, the sources talked about.

Hyundai Motor India declined to recount.

The anxiety will possible be Hyundai’s first such itemizing start air South Korea, with the sources saying the corporate aimed to steal between $2.5 billion and $3 billion from the stake sale within the provide.

The India IPO is aimed at accelerating Hyundai’s growth in a nation the attach it has operated for over 25 years and the attach its inner your capacity vehicles love Santro and sports activities-utility automobile Creta are successfully-preferred by Indian shoppers.

The itemizing will decrease Hyundai Motor India’s dependence on its Korean dad or mum for funds, giving it the monetary muscle to steal on native competitors similar to Tata Motors and chart its secure whisper plans in a market that accounts for 14 per cent of Hyundai’s total world sales.