Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, is expected to launch its much-awaited Rs 25,000-crore initial share-sale for public subscription on October 14, people familiar with the development said on Thursday.
This would be the largest initial public offering in India after LIC's initial share sale of Rs 21,000 crore.
According to the Draft Red Herring Prospectus filed in June, Hyundai Motor India's proposed IPO is entirely an Offer-for-Sale of 142,194,700 equity shares by promoter Hyundai Motor Company, with no fresh issue component.
Sources had previously stated that the South Korean automaker is looking to raise at least $3 billion (about Rs 25,000 crore) through an initial share sale.
This development marks a significant milestone for the Indian industry, as it is the first automaker's initial share sale in over two decades, following Japanese automaker Maruti Suzuki's listing in 2003. -- PTI