India ranks as the third-largest source of revenue worldwide for Hyundai, following the U.S. and South Korea.
Hyundai Motor India has received the green light from the Securities and Exchange Board of India (SEBI) for its initial public offering.
The South Korean car manufacturer is aiming to secure $3 billion through this IPO, which would value the company at approximately $20 billion.. This IPO would mark the first for an automobile company in India in twenty years, the last being market leader Maruti Suzuki in 2003. Hyundai India has not provided a comment on this development outside of regular business hours.
The company is strategizing to regain market share from strong domestic competitors like Tata Motors by enhancing its SUV offerings. It is set to introduce its first electric vehicle produced in India early next year and plans to launch at least two gasoline models specifically designed for the Indian market by 2026, as per three sources familiar with Hyundai’s future plans. Notably, India is Hyundai’s third-largest market in terms of revenue, following the U.S. and South Korea. The company has already invested $5 billion in India and has pledged an additional $4 billion over the coming decade.
In a related development, SEBI has also approved an IPO for Swiggy, a food delivery enterprise backed by SoftBank. Swiggy is aiming for a valuation close to $15 billion and plans to raise between $1 billion and $1.2 billion, based on information from various informed sources.
