The uptick in Hyundai Motor India's stock price follows the initiation of coverage with a bullish outlook by brokerage houses, including Motilal Oswal and Nomura
The local unit of the Korean automaker now has a total of six positive recommendations, from Nomura Holdings Inc. and Macquarie Group Ltd. along with local brokers
HMIL's IPO had seen strong response from sovereign wealth funds and domestic mutual funds, but retail and wealthy investors sidestepped the issue amid a selloff in auto stocks and overall markets
Also plans to expand EV portfolio and production capacity
South Korean auto major Hyundai Motor Company is taking the next big step with the IPO of its Indian arm which shows its commitment to the country, Hyundai Motor Group Executive chair Euisun Chung said on Tuesday. Speaking at the listing ceremony of Hyundai Motor India Ltd (HMIL) here, Chung also said that the IPO also shows HMIL is a key part of India. Shares of Hyundai Motor India Ltd made a muted market debut and further fell by nearly 6 per cent against the issue price of Rs 1,960. The Rs 27,870-crore initial public offer of Hyundai Motor India Ltd, which had a price band of Rs 1,865-1,960 per share, was subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers. With this fundraising, HMC has diluted its stake by 17.5 per cent in HMIL. This was the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore. The Initial Public Offer (IPO) was entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by promo
Market analysts remain cautious on Hyundai Motor India, recommending profit booking and re-entry at lower levels, citing market volatility and the company's disappointing listing