Hyundai Motor India Ltd IPO, the largest in India, entered the country's primary market on Tuesday and will be open till Thursday.
The price band is fixed at Rs 1,865 to Rs 1,960 apiece and the minimum lot size is seven shares.
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The bidding for the IPO sized at Rs 27,870.16 crore began at 10 am on Tuesday. The shares are expected to be allocated on October 18.
Should you apply for Hyundai Motor India IPO?
Most analysts have recommended that investors can "apply for long term" considering the auto-maker's strong financial performance in the past coupled with diverse product offerings.
However, the grey market premium (GMP) of the Hyundai Motor India has dipped around 89 per cent from its previous high of Rs 570 and it stood at Rs 60 as of Tuesday, according to reports.
Another factor to consider is that the IPO is a complete Offer for Sale (OFS) of 14.2 crore shares by the parent company in South Korea. This means the Indian arm will not get any proceeds from the IPO and hence it would not bring in fresh capital for growth.