Hyundai’s Bold $3 Billion IPO Boost: Powering Revolutionary Cars and Pioneering R&D in India
Hyundai Motor, after 28 years in the Indian market, is setting the stage for significant expansion with a record $3 billion IPO. Scheduled to open next week, this IPO will be India’s largest, allowing the South Korean automaker to sell up to a 17.5% stake in its Indian unit, valuing the company at up to $19 billion. These funds are earmarked for enhancing research, developing new products, and positioning India as a manufacturing hub for emerging markets. Unsoo Kim, managing director of Hyundai’s Indian division, noted the strategic timing and importance of expanding operations to become a trusted home brand in India. As the country’s second-largest carmaker, Hyundai holds about 15% of the passenger vehicle market, following Maruti Suzuki’s dominant 40% share. The company aims to strengthen its presence by launching electric and hybrid vehicles and establishing charging infrastructure by 2027, further cementing its commitment to innovation and growth in this dynamic market.
Original Story https://www.business-standard.com/markets/ipo/hyundai-to-use-3-billion-record-india-ipo-proceeds-to-develop-new-cars-r-d-124100900627_1.html
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