Hyundai Motor India’s IPO, the largest in the nation, is experiencing lukewarm investor interest on its second day. By late Wednesday evening, only 22 percent of the shares offered had been subscribed, with Retail Individual Investors at 0.33 times and Non-Institutional Investors at 0.17 times. In the grey market, Hyundai’s unlisted shares saw a modest premium recovery, trading at a 3.42 percent premium above the IPO price, slightly up from the previous day’s premium but lower than earlier figures.
The IPO is a complete offer for sale by Hyundai Korea, aiming to raise INR 27,870.16 crore by selling over 142 million shares at a price band of INR 1,865 to INR 1,960. Investors can bid for shares in lots of seven. The subscription period concludes on October 17, with allotment finalization on October 18 and expected listing on exchanges on October 22.
Despite the tepid response, brokerage firms such as ICICI Direct and SBI Securities are optimistic, recommending a ‘Subscribe’ rating for potential long-term investors.
Original Story https://www.business-standard.com/markets/news/hyundai-motor-india-ipo-gmp-inches-up-on-day-2-subscription-rises-to-0-22x-124101600368_1.html
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