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As per NSE, till 04:24 pm Tuesday (October 15) Hyundai Motor India IPO received bids for 59,41,530 shares against the 9,97,69,810 shares on offer, translating to a subscription of just 0.06 times read more
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The price band for the Hyundai Motor India IPO has been set at Rs 1,865 to Rs 1,960, with a minimum investment of Rs 13,055 for a lot of seven shares. Source: REUTERS.
Hyundai Motor India IPO opened for subscription on Tuesday but it has received a subdued response from investors so far.
As per NSE, till 04:24 pm, on Tuesday (October 15), Hyundai Motor India IPO had received bids for 59,41,530 shares against the 9,97,69,810 shares on offer, translating to a subscription of just 0.06 times.
The grey market premium (GMP) for Hyundai Motor India shares, however, continues to decline, now at approximately Rs 25, reflecting a marginal premium over the issue price.
The GMP has plunged by more than 89 per cent from its previous high of Rs 570.
The GMP on Tuesday is significantly lower than the Rs 147 recorded on October 9, when Hyundai Motor announced its price band.
Hyundai Motor India’s IPO is poised to become the largest in India, surpassing the Rs 21,000 crore Life Insurance Corporation (LIC) IPO from May 2022. It is also one of Asia’s largest recent IPOs.
IPO GMP generally reflects investor sentiment and demand, with a higher GMP indicating strong demand and potential for listing gains.
Hyundai Motor India seeks to raise Rs 27,870.16 crore by divesting 14,21,94,700 shares with a face value of Rs 10.
The price band of Hyundai Motor India is set at Rs 1,865 – Rs 1,960, with a lot size of seven shares. Investors can bid for a minimum of seven shares and in multiples thereof.
The issue is a complete offer for sale (OFS) of 14.2 crore shares, which will be offloaded by the company’s parent, Hyundai Motor Global.
Since Hyundai Motor India IPO is an OFS, all proceeds will go to the selling shareholder.
Hyundai Motor India IPO subscription will be open till October 17. The allotment will be done on October 18 and the share will be listed in BSE and NSE on October 22.
With inputs from agencies.
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