Overview
Hyundai Motor India IPO is a mainboard IPO that opened for subscription on 15 Oct 2024 and is now listed. The issue aggregates ₹27,870 Cr.
IPO Details
Hyundai Motor India IPO is a mainboard initial public offering scheduled to be listed on Both. The issue has a price band of ₹1,865–₹1,960 per equity share with a lot size of 7 shares, translating to a minimum retail investment of ₹13,720.
The issue aggregates ₹27,870 Cr, with the subscription window open from 15 Oct 2024 to 17 Oct 2024. Allotment is expected on 18 Oct 2024 and the equity shares are scheduled to list on 22 Oct 2024.
- Type
- Mainboard
- Status
- listed
- Price band
- ₹1,865–₹1,960
- Face value
- ₹10 (typical)
- Lot size
- 7 shares
- Min investment (Retail)
- ₹13,720
- Issue size
- ₹27,870 Cr
- Fresh issue
- ₹0 Cr
- OFS
- ₹27,870 Cr
- Exchange
- Both
- ISIN
- TBA
- Sector
- Automobile
Market Lot
Retail investors must apply for a minimum of one lot and can apply up to the retail cap of ₹2 lakh. NII / HNI investors apply above ₹2 lakh.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 7 | ₹13,720 |
| Retail (Maximum) | 13 | 91 | ₹1,78,360 |
| HNI / NII (Minimum) | 14 | 98 | ₹1,92,080 |
IPO Reservation
Per SEBI guidelines, Hyundai Motor India IPO reserves shares across investor categories as follows. Final allotment percentages may vary slightly based on the final issue document.
| Category | % Reserved | Notes |
|---|---|---|
| QIB (Qualified Institutional Buyers) | Not more than 50% | Mutual funds, FIIs, banks, insurance |
| NII / HNI (Non-Institutional) | Not less than 15% | Bids ≥ ₹2 lakh |
| Retail (RII) | Not less than 35% | Bids up to ₹2 lakh |
Important Dates
- Issue Open15 Oct 2024 · Subscription opens
- Issue Close17 Oct 2024 · Subscription closes
- Allotment18 Oct 2024 · Basis of allotment finalised
- Refunds Initiated21 Oct 2024 · Funds released for non-allottees
- Listing Date22 Oct 2024 · Shares debut on the exchange
Grey Market Premium
Grey Market Premium for Hyundai Motor India is yet to be tracked. We update GMP from multiple grey market sources during the subscription window. Bookmark this page and check IPO GMP Today for live updates.
Subscription Status
2.37x
Overall subscription
Updated —
Retail
0.50x
NII / HNI
0.60x
QIB
6.97x
Employee
1.74x
Allotment Status
Hyundai Motor India IPO allotment will be finalised by the registrar (KFin Technologies) on 18 Oct 2024. Check your allotment status using your PAN, application number, or DP ID via our allotment status checker or directly on the registrar's website.
If allotment fails, the blocked funds via ASBA / UPI mandate are released back within 24-48 hours. Applying through multiple demat accounts in family members' names improves chances on oversubscribed IPOs.
Check on KFin Technologies →Listing Performance
Listing Price
₹1,820
Listing Gain
-7.14%
High
₹1,968
Low
₹1,807
Hyundai Motor India listed on 22 Oct 2024 with a discount of 7.14% versus the issue price. Post-listing price performance depends on broader market conditions, company fundamentals, and demand from institutional and retail investors.
About Hyundai Motor India
Hyundai Motor India Limited is the Indian arm of Hyundai Motor Company, the third-largest auto OEM globally by 2023 passenger-vehicle sales. Operationally, it has been the second-largest passenger-vehicle manufacturer in the Indian market since 2009, sitting behind only Maruti Suzuki India in volume.
The company designs, manufactures and sells passenger vehicles (the Creta SUV, Venue, Verna, i10, i20, Tucson, Aura and the Ioniq 5 EV) across India and exports to over 80 international markets from its plants at Sriperumbudur (Tamil Nadu) and the newly acquired Talegaon (Maharashtra) facility purchased from General Motors. India is now one of Hyundai's three largest global production hubs.
The IPO was a pure offer-for-sale by parent Hyundai Motor Company — no fresh capital came to the listed entity. ₹27,870 crore from the sale of 14.22 crore shares at the upper band of ₹1,960 makes this the largest IPO in Indian capital-market history, eclipsing LIC's 2022 issue. Parent stake reduced from 100% to 82.5% post-listing; the listed entity retained no IPO proceeds, but inherited a global parent network for sourcing, R&D and export markets.
Promoter & Holding Pattern
Pre-IPO Promoter Holding
100.0%
Post-IPO Promoter Holding
82.5%
Promoter holding will reduce from 100.0% to 82.5% post-IPO as new shares are issued to the public.
Objects of the Issue
Hyundai Motor India IPO proceeds will be utilised across the following objectives, as disclosed in the Red Herring Prospectus:
| Purpose | Amount (₹ Cr) | % of Issue |
|---|---|---|
| Pure Offer for Sale — proceeds go to selling shareholder (Hyundai Motor Company, Korea). The Indian listed entity will not receive any IPO proceeds. Listed-company benefits are limited to brand visibility and ESOP currency. | 27,870 | 100.00% |
Financial Performance
Three-year financial performance for Hyundai Motor India (amounts in ₹ Cr):
| Period | Revenue | Expense | PAT | Total Assets | Net Worth |
|---|---|---|---|---|---|
| FY24 | 71,302 | — | 6,060 | — | — |
| FY23 | — | — | — | — | — |
| FY22 | 47,966 | — | 2,902 | — | — |
Valuation Snapshot
RoE
56.82%
RoCE
—
EBITDA Margin
—
PAT Margin
8.50%
Debt/Equity
—
EPS
—
P/E Ratio
26.30
RoNW
56.82%
NAV
—
Peer Comparison
Listed peers in the Automobile sector with key valuation metrics:
| Company | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) | Income (₹ Cr) |
|---|---|---|---|---|---|
| Maruti Suzuki India | — | 30.40 | 15.75 | — | — |
| Tata Motors | — | — | 36.98 | — | — |
| Mahindra & Mahindra | — | — | 17.02 | — | — |
Anchor Investors
Anchor Date
14 Oct 2024
Anchor Amount
₹8,315 Cr
No. of Anchors
225
Notable anchor investors
- GIC (Singapore)
- New World Fund
- Fidelity
- ICICI Prudential MF
- SBI MF
- HDFC MF
Lead Managers (Merchant Bankers)
- Kotak Mahindra Capital
- Citigroup Global Markets
- HSBC Securities
- J.P. Morgan
- Morgan Stanley
IPO Registrar
KFin Technologies
Allotment check: https://ris.kfintech.com/ipostatus/
The registrar processes all bid applications, finalises the basis of allotment, manages refunds, and credits allotted shares to successful applicants' demat accounts.
Editorial Review
Hyundai Motor India's debut on 22 October 2024 closed at ₹1,820 — a 7.14% discount to the ₹1,960 issue price, making it one of the most prominent listing-day disappointments of the year despite being India's largest-ever IPO at ₹27,870 crore. The grey market had already telegraphed this: GMP collapsed from a peak of ₹370 in early October to ₹0 on the day the issue opened, and stayed flat-to-negative through listing.
The disconnect between the structurally strong business and the weak listing is the story. Hyundai India is genuinely a high-quality franchise — the #2 player in Indian PVs since 2009, with a 56.82% return on net worth on FY24 financials. That ROE is more than 3x Maruti Suzuki's 15.75%, comfortably ahead of Mahindra (17.02%), and even tops Tata Motors (36.98%). On profitability alone, this is the best-positioned listed auto OEM in India.
What went wrong was the price. At ₹1,960, the company was valued at 26.3x FY24 earnings and 2.3x sales — only a marginal discount to Maruti Suzuki at 30.4x. Investors were asked to pay near-leader multiples for the #2 player. Worse, this was a 100% OFS — every rupee went back to Hyundai Motor Korea, with the listed entity receiving zero proceeds for capacity expansion, EV investment or debt reduction. The structural mismatch — Indian shareholders funding a parent dilution rather than the operating business — was the central pricing issue.
The subscription pattern confirmed this read. Overall 2.37x was thin for a marquee marquee IPO of this size. QIBs subscribed 6.97x and anchor raised ₹8,315 crore from 225 institutional names including GIC, New World Fund and Fidelity — institutional money saw long-term value. Retail (0.50x) and NII (0.60x) flatly rejected the issue. The retail under-subscription is unusual for a household-brand consumer IPO and was the strongest leading indicator of the listing-day discount.
One and a half years post-listing, the original retail thesis hasn't reversed: the OFS structure means Hyundai India still doesn't have IPO-funded capacity for the EV transition, parent royalty obligations remain a recurring drag on margins, and Maruti's recent EV pivot has narrowed the strategic gap. The franchise quality has not been the issue; the issue was the price and the structure.
For current shareholders: hold makes sense if you believe Hyundai's EV roadmap and Talegaon plant ramp deliver — the ROE base remains the best in the listed Indian auto space. For new investors: the stock has spent most of 2025 below issue price, and accumulation in the ₹1,650-1,800 band is more defensible than the ₹1,960 entry. Listing-day disappointment was structural, not cyclical, and a re-rating requires fresh capital deployment that the OFS structure did not provide.
How to Apply for Hyundai Motor India IPO
- Open broker app — Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct, or any other SEBI-registered broker. Navigate to the IPO section.
- Select Hyundai Motor India IPO during the bidding window (15 Oct 2024 – 17 Oct 2024).
- Enter bid details — minimum 7 shares per lot. Retail investors are recommended to bid at cut-off price (₹1,960).
- Submit UPI ID linked to a SEBI-approved bank.
- Approve UPI mandate from your UPI app within the deadline. Bid amount is blocked, not debited.
- Await allotment on 18 Oct 2024.
- Listing day — shares list on Both on 22 Oct 2024.
Risk Factors
1. OFS-only structure means zero IPO proceeds reach the operating company — Hyundai India received no growth capital from the listing, leaving capacity expansion and EV transition to be funded from internal accruals or fresh debt.
2. Royalty + brand-fee payments to Hyundai Korea are a recurring margin headwind that listed-shareholder profits subsidize. These obligations were highlighted in the RHP risk section and are revisited at every parent contract renewal.
3. EV transition lag — Hyundai India trails Tata Motors and Mahindra in the domestic EV product roadmap. The Ioniq 5 imports do not address the affordable-EV segment where Tata Punch EV and Mahindra XUV400 are scaling.
4. Maruti Suzuki's pricing power and dealer network remain a structural competitive advantage. Maruti's ~40% market share gives it leverage on suppliers and dealers that Hyundai cannot fully match.
5. Parent-company conflict of interest — Hyundai Motor Company globally allocates platforms, EV technology and export quotas. Decisions made in Seoul that disadvantage the Indian arm have no listed-shareholder veto.
6. Single-plant concentration risk at Sriperumbudur (Tamil Nadu) was material before the Talegaon acquisition. Ramping the second plant has its own execution and labor-cost risk.
7. Listing-day discount creates a price anchor for institutions to add only at meaningful discounts — the stock has historically traded below issue price, which dampens any re-rating absent a clear margin catalyst.
Hyundai Motor India IPO — FAQs
What is Hyundai Motor India IPO?▾
Hyundai Motor India IPO is a mainboard initial public offering listing on Both. The issue opens on 15 Oct 2024 and closes on 17 Oct 2024 with a price band of ₹1,865–₹1,960 per share.
What is the Hyundai Motor India IPO price band?▾
The price band for Hyundai Motor India IPO is ₹1,865–₹1,960 per equity share of face value ₹10 (typical). Retail investors are recommended to bid at the upper band (cut-off price).
What is the Hyundai Motor India IPO lot size?▾
The minimum lot size for Hyundai Motor India IPO is 7 shares per application. Minimum retail investment at the upper price band works out to approximately ₹13,720.
When is the Hyundai Motor India IPO opening date?▾
Hyundai Motor India IPO opens for subscription on 15 Oct 2024 and closes on 17 Oct 2024.
When is the Hyundai Motor India IPO allotment date?▾
Basis of allotment is expected on 18 Oct 2024. Check your status on KFin Technologies's website using your PAN.
When is the Hyundai Motor India IPO listing date?▾
Hyundai Motor India shares are expected to list on Both on 22 Oct 2024.
What is the GMP of Hyundai Motor India IPO?▾
GMP for Hyundai Motor India is not currently tracked.
Who is the registrar of Hyundai Motor India IPO?▾
KFin Technologies is handling allotment, refunds, and dematerialisation for Hyundai Motor India IPO.
How can I apply for Hyundai Motor India IPO?▾
Apply via any SEBI-registered broker (Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct) during the open window. Use UPI mandate or ASBA for fund blocking. Bid at cut-off for retail category.
What is the minimum investment?▾
Minimum retail investment is approximately ₹13,720 (1 lot × 7 shares at upper band).
Should I apply for Hyundai Motor India IPO?▾
Whether to apply depends on your goals, risk appetite, and the company's fundamentals. Review the RHP, compare valuation with peers, and consult a SEBI-registered advisor.
What happens if my allotment fails?▾
Bid amount blocked via UPI/ASBA is released back within 24-48 hours. Apply through multiple family demat accounts to improve odds on oversubscribed issues.