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Photo = Hyundai Motor Group |
[Alpha Biz= Reporter Kim Jisun] Hyundai Motors India (HMI), a subsidiary of Hyundai Motor Company, has gone public on the Indian stock market, 28 years after entering the country. This marks the largest Initial Public Offering (IPO) in Indian stock market history. Hyundai Motor Company raised approximately KRW 4.5 trillion by selling 17.5% of its entire stake, without issuing new shares.
The company aims to position India as a key market, replacing its focus on Russia and China, while also transforming it into a global manufacturing hub for exports to Europe and Southeast Asia. Hyundai Motor Group Chairman Chung Eui-sun, speaking at the listing ceremony held at the National Stock Exchange of India (NSE) in Mumbai on October 22, emphasized India's vast potential, stating, "Our efforts to become a pioneer in future technologies will continue in India."
With the funds raised from the IPO, Hyundai plans to increase its market share in India's rapidly growing automotive sector and expand its investments in research and development (R&D), particularly in electric vehicles (EVs) and software. On October 21, Chairman Chung also met with Indian Prime Minister Narendra Modi, discussing plans to launch more EV models in India and collaborate with the Indian government to build the country's EV ecosystem, including charging infrastructure.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
