Hyundai crosses 40 per cent bids on day 2 of India IPO; eyes EV crown in US- The Week

In the same year that Hyundai Motor Group overtook Ford to reach the second position in the US EV market, which is led by Twitter-owner Elon Musk’s Tesla, the Korean automaker’s India unit crossed 40 per cent in bids on the second day of its IPO. When market closed, subscriptions hit more than 4.17 crore equity shares out of 9.97 crore shares on offer— the country’s largest-ever initial public offering of Rs 27,780 crore. This includes retail investors, Non-Institutional Investors (NIIs), Qualified Institutional Buyers (QIBs), and employee reserved portion. Of the 4.95 crore shares available to retail individual investors (RIIs), 38 per cent received bids at market close on Tuesday.

ALSO READ: Hyundai Motor India IPO: Should you apply for India’s largest public offering?

Hyundai is expected to launch four new models in the mass-market EV sector in India, starting with Creta EV scheduled for January 2025. Other models include Inster EV to rival Tata’s Punch EV, and speculations for Grand i10 Nios EV and Venue EV. As of now, Hyundai sells its high-end EV IONIQ 5 in India.

In the US, Hyundai, Kia, and Genesis—which together form the Hyundai Motor Group—accounted for more than 10 per cent of the EV market, with market leader Tesla slipping 50 per cent market share for the first time.

ALSO READ: From Tesla to Toyota: Automakers race to embrace gigacasting technology

India’s EV market is touted to grow to a whopping Rs 318,000 crore by 2030 due to increasing affordability, launch of mass-market EVs, rising infrastructure, spiking fuel prices, and government support, according to a report by Grant Thornton Bharat and the Automotive Component Manufacturers Association. In September 2024, the Indian government issued new charging guidelines for EV charging stations and infrastructure, in a bid to attract more EV adoptions.

The India unit is a wholly owned unit of the global automaker Hyundai Motor Company (HMC), headquartered in Seoul, Korea. As of date, Hyundai India boasts a Credit Rating of CRISIL AAA for Packing Credie and CRISIL A1+ for Short Term Debt as per official information from the automaker’s India website. 

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}