The Securities and Exchange Board of India (SEBI) has approved Hyundai Motor India's $3 billion (around Rs 25,000 crore) IPO after the country's second largest auto major filed draft papers in June.
Hyundai IPO will the India's biggest ever listing, surpassing LIC's $2.7 billion issue two years ago.
When will Hyundai Motor India launch its IPO?
With the auto giant bagging SEBI nod, the IPO is likely to be launched in the upcoming quarter beginning October when the price band is also expected to be declared.
The draft red herring prospectus (DRHP) revealed that no fresh issue component will be available and the auto giant will not get any proceeds of the IPO as the public issue is completely offer for sale (OFS), wherein the parent company is diluting some of the stake.
The last time a car manufacturer came up with an IPO was in 2003 when Maruti Suzuki was listed.
SEBI has also given nod for the IPO of food delivery giant Swiggy, which is hoping to raise $1-1.2 billion and is targeting a valuation of around $15 billion.