Maruti Udyog will float its much-anticipated initial public offer in June this year. The Centre had earlier scheduled the public issue last year but subsequently deferred it.
"The IPO will now be in June. The size of the float will be clear when the prospectus comes out," Jagdish Khattar, managing director, said.
He was speaking on the sidelines of a press conference in Mumbai to announce the launch of its sports utility vehicle, Grand Vitara XL-7. The float has been underwritten by Suzuki Motor Corporation, which holds 54 per cent stake in MUL.
The IPO is being planned at a time when the car maker's fortunes are on an upswing and its offerings, especially the Maruti-800 and Wagon R, are seeing increased sales.
Khattar refused to speculate on whether this would translate into a better valuation. "That is for the market to decide," he said.
The government's publicly stated plan is to divest 25 per cent in MUL through book-building. The IPO is the second leg of the divestment in MUL.
The government had last year handed over management control to Suzuki Motor, which hiked its stake to 54 per cent when the government renounced its share of a rights issue in its favour.
Maruti announced the launch of the petrol-driven Grand Vitara XL-7 in two models -- Standard and Limited. The Standard edition will be priced at about Rs 16.08 lakh, while the Limited edition will be priced at about Rs 17.41 lakh.
"The idea behind the launch is to be present in every segment of the market. Grand Vitara X L-7 has seen us enter a new category which we hope will grow. When we launched the Zen we sold about 50,000 to 60,000 cars annually. Later, the market grew to about two lakh pieces a year. We want to grow the market," Khattar said.
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