Village Voice News

Hyundai Selects Citi and JPMorgan to Quicken $3 Billion India IPO: Report

<p>According to people with direct knowledge, Hyundai Motor has recruited investment bankers JPMorgan and Citi to provide advice on its proposed $3 billion initial public offering (IPO) in India, expediting preparations for listing in the third-largest car market globally.</p>
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<p>Two of the three people, who all asked to remain anonymous because the discussions are confidential, said that the corporation intends to submit regulatory paperwork for clearance in India by May or June.</p>
<p>Citi, JPMorgan, and the Indian division of Hyundai all refused to comment.</p>
<p>Hyundai stated in a statement that it has “no further update at this stage,” citing Reuters’ previous remark this week that the company has not made a decision about its listing in India and that it would provide an update on the topic either within a month or when the plan is finalized.</p>
<p>According to a story this week by Reuters, Hyundai, the second-biggest carmaker in India with a 15% market share, is thinking about doing an initial public offering (IPO) in the country, which could value its local business at up to $30 billion. The IPO may be the biggest in India.</p>
<p>In the event that Hyundai were to raise this much money, its Indian business would be valued at more than half of its about $47 billion market capitalization in Seoul.</p>
<p>According to the two sources, certain local Indian investment banks would probably be named for the IPO in the next months.</p>
<p>In the anticipation of political stability after the next elections, bankers anticipate that the surge in initial public offerings (IPOs) that occurred in India in the second half of 2023 would continue in 2024.</p>
<p>Following years of losses in China, Hyundai sold its two Russian facilities and is now investing twice as much in the United States and South Asia.</p>
<p>Alongside market leader Maruti Suzuki, it is the only foreign firm to have achieved dominance in India after entering the country more than 20 years ago. Several companies have closed their operations in India, including Ford Motor and General Motors.</p>