Why Hyundai is again eyeing IPO in India, 25 years after its failed attempt

Hyundai needs the money especially for EVs but it could have sold equity in the South Korean parent company, which is much bigger and already listed

In 1999, South Korean carmaker Hyundai Motor Company (HMC), strapped for cash due to the financial meltdown in its home country, wanted to dilute its stake in its Indian subsidiary, Hyundai Motor India Ltd (HMIL), and applied to the Foreign Investment Promotion Board for selling 14.2 per cent equity.

Investment bankers received interest from many, including UTI and American insurance giant AIG, with the condition that HMIL would float an initial public offer (IPO) in five years. Proposals to sell equity to Maruti Suzuki and General Motors were also looked at.

The exercise fell through because South Korean banks,