Hyundai Motor India\u2019s shares fell 2% in their market debut on Tuesday, after a tepid response from retail investors to the country\u2019s largest ever initial public offering. <\/p>\n
The stock listed at 1,934 rupees ($23) on India\u2019s National Stock Exchange, compared to its issue price of 1,960 rupees ($23.31), and was last trading down 2% at 1,920 rupees ($22.84) at 0431 GMT (12:31 a.m. ET). <\/p>\n
Hyundai is India\u2019s No. 2 carmaker with a 15% market share. Its record $3.3 billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred retail participation. <\/p>\n
Tuesday\u2019s listing in Mumbai is Hyundai Motor\u2019s first such debut outside its home market of South Korea and comes at a time when India\u2019s equity markets have risen sharply. <\/p>\n
The two-biggest IPOs prior to Hyundai India \u2013 Life Insurance Corporation and Paytm parent One97 communications – both listed at a steep discount. <\/p>\n
While Hyundai\u2019s market valuation is much smaller than Indian market leader Maruti Suzuki\u2019s $48 billion, analysts have expressed concerns over the narrower gap when valued by their price-to-earnings ratios. <\/p>\n
The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the 29 times multiple for market leader Maruti. <\/p>\n
Hyundai counts India as a crucial growth market where it has two manufacturing units and has invested $5 billion, with commitments to pump in another $4 billion over the next decade. The world\u2019s biggest car market after China and the United States is the company\u2019s third-biggest revenue generator globally. <\/p>\n<\/p>\n
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Hyundai Motor India\u2019s shares fell 2% in their market debut on Tuesday, after a tepid response from retail investors to the country\u2019s largest ever initial public offering. The stock listed at 1,934 rupees ($23) on India\u2019s National Stock Exchange, compared to its issue price of 1,960 rupees ($23.31), and was last trading down 2% at 1,920 <\/p>\n","protected":false},"author":1,"featured_media":8964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-8963","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world-news"},"_links":{"self":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/8963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/comments?post=8963"}],"version-history":[{"count":0,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/8963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media\/8964"}],"wp:attachment":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media?parent=8963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/categories?post=8963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/tags?post=8963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}