October 15, 2024

Hyundai IPO: Dharmesh Kant Bullish, Predicts 20-25% Upside In 1-2 Years

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The Rs 27,856 crore initial public offering (IPO) of Hyundai Motor India opens for bidding on Tuesday, October 15. The company is offering shares in the price range of Rs 1,865-1,960 each, with investors required to apply for a minimum of seven equity shares or multiples thereafter. This IPO, India’s largest to date, will remain open for subscription until Thursday, October 17.Hyundai Motor India, based in Chennai and incorporated in May 1996, is part of South Korea’s Hyundai Motor Group, the third-largest auto original equipment manufacturer (OEM) globally by passenger vehicle sales. In addition to vehicles, the company produces parts like transmissions and engines.The IPO will be entirely an offer for sale by Hyundai Motor Company, which plans to sell up to 14.21 crore equity shares. Hyundai Motor India will not receive any proceeds from the issue, and the company is expected to have a total market capitalization of Rs 1.59 lakh crore post-IPO.Dharmesh Kant, Head of Equity Research at Chola Securities, believes the Hyundai IPO presents a strong long-term investment opportunity, expecting a 20-25% upside over the next 1-2 years.

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