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Hyundai set up its India operations in 1996, starting off with the Santro hatchback, once its most sold car |
Hyundai Motor India will launch its IPO next week, marking parent Hyundai’s first listing outside South Korea and India’s first carmaker IPO since 2003.
The $3 billion IPO would offer shares at a price range of Rs 1,865 to Rs 1,960 ($22 to $23) per share, valuing Hyundai’s Indian unit at up to $19 billion.
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Hyundai set up its India operations in 1996, starting off with the Santro hatchback, once its most sold car.
Hyundai has one factory outside of Chennai in southern Tamil Nadu state, also dubbed the Detroit of Asia. The factory has a capacity of 824,000 units per year and is running at a utilisation rate of 94 per cent, leaving little room for growth that would help compete with Maruti Suzuki.
Hyundai aims to reach production of about 1 million units a year with the acquisition of a former General Motors plant in western Maharashtra state. The plant is expected to start operations only by the second half of the year to March 2026.
Hyundai has 1,377 dealers across India.
In India, the carmaker sells 13 models, with the ‘Creta’ and ‘Venue’ sport utility vehicles as well as the ‘Grand i10 Nios’ hatchback among its top-selling models.
Hyundai’s current factory is also a key export hub, which manufactures cars that are shipped to South Africa, the Middle East as well as Latin America.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 09 2024 | 10:07 AM IST
