According to two people familiar with the situation, Hyundai Motor India has got approval from the Securities and Exchange Board of India to proceed with its initial public offering. According to previous Reuters sources, the South Korean manufacturer hopes to raise $3 billion, with a valuation of about $20 billion as its goal.
With Maruti Suzuki’s IPO in 2003, this would be the first automaker to go public in India in 20 years. After business hours, Hyundai India was called but did not respond.
By increasing the variety of SUVs it offers, the carmaker hopes to reclaim market share from formidable domestic rivals like Tata Motors.
According to three people familiar with the business’s plans who spoke to Reuters, the company expects to launch its first domestically made electric vehicle early next year and will launch at least two gasoline-powered vehicles intended for the Indian market starting in 2026.
After the US and South Korea, India is Hyundai’s third-largest revenue market worldwide. The business intends to invest an extra $4 billion over the following ten years, on top of the $5 billion it has already put in the nation.
Separately, various people close to the matter have confirmed that SEBI has approved Swiggy’s initial public offering (IPO). The massive food delivery company, funded by SoftBank, is seeking a valuation of roughly $15 billion and hopes to raise between $1 billion and $1.2 billion.
