In a historic financial move, Hyundai Motor India Limited, backed by its Korean parent Hyundai Motor Company, launched an initial public offering valued at approximately $3.3 billion—India’s largest IPO to date and the second largest globally this year. This landmark event represents Hyundai’s first listing of a subsidiary outside South Korea, a bold leap underscoring its commitment to expanding within one of the world’s most dynamic automotive markets.
Shares debuted on the Bombay Stock Exchange and the National Stock Exchange on October 22, 2024, signaling a promising era for international companies listing their Indian subsidiaries. Industry observers see this significant IPO as a catalyst, likely inspiring similar ventures by other multinational giants.
The intricate transaction was supported by Shardul Amarchand Mangaldas & Co., with a team led by Capital Markets Head Prashant Gupta, along with partners and associates who played key roles. Kotak Mahindra Capital, Citigroup, HSBC, J.P. Morgan, and Morgan Stanley served as the Book Running Lead Managers, underscoring the IPO’s broad-based financial support.
Shardul Amarchand Mangaldas & Co. has now advised on four of India’s largest IPOs, which includes groundbreaking deals with companies like Paytm, Life Insurance Corporation of India, and Coal India Limited.
