South Korea’s Hyundai Motor’s opens new tab India unit. The company sought regulatory approval on Saturday for a stock market listing in Mumbai.
It could be India’s biggest and will see the South Korean parent sell a stake of up to 17.5% in the company.
The IPO will make it India’s first car maker to go public in two decades. Previously Maruti Suzuki, opens new tab in 2003.
Hyundai, India’s second-biggest car maker behind Maruti Suzuki.
Hyundai counts India as a crucial growth market. It has two manufacturing units. And has invested $5 billion.
It would like to pump in another $4 billion over the next decade.
The world’s biggest car markets are China and the U.S. After that is the company’s third-biggest revenue generator globally.
The company aims to raise around $2.5-$3 billion at a valuation of up to $30 billion. ♦
