Last chance! Hyundai Motor India IPO closes today; GMP sinks below 1%; bid?

Hyundai Motor India IPO which opened for public subscription on Tuesday, October 15, and comes to closing hours today

The grey market premium (GMP) of unlisted shares of Hyundai Motor India has taken a hit and fallen below 1 per cent (0.87 per cent), reflecting subdued market sentiments for the initial public offering (IPO) of the South Korean automaker's Indian arm, which opened for public subscription on Tuesday, October 15, and comes to closing hours today. Hyundai Motor IPO's today's GMP is significantly lower than the Rs 147 or 7.5 per cent, recorded on October 9, when Hyundai Motor announced its price band, according to sources tracking grey market activities.

Hyundai Motor IPO has received a lackluster response from investors so far. The public issue had received bids for 4,17,21,442 shares against the 9,97,69,810 shares offered, translating to a subscription of just 0.42 times by the second day of subscription, showed the NSE data. The Retail Individual Investors (RIIs) have subscribed 0.38 times, while Non-Institutional Investors (NIIs) have subscribed 0.26 times, and Qualified Institutional Buyers (QIBs) 0.58 times of the public issue Hyundai Motor India IPO. Meanwhile, the quota reserved for employees has been oversubscribed 1.31 times.

Also Read: How to apply for Hyundai Motor India IPO

 

Hyundai Motor India IPO details

Hyundai Motor India IPO is an offer for sale, with Hyundai Korea offloading 14,21,94,700 shares, each having a face value of Rs 10. At the top end of the price band, the company aims to raise Rs 27,870.16 crore. The price band for the public issue is set between Rs 1,865 and Rs 1,960 per share, and investors can bid for a minimum of seven shares, with bids to be made in multiples of seven.

The subscription window for Hyundai Motor’s IPO will close on Thursday, October 17, 2024. After this, the basis of share allotment is expected to be finalised on Friday, October 18, 2024. The shares will likely be credited to demat accounts on Monday, October 21, 2024. Hyundai Motor India shares are scheduled to make their stock market debut on the BSE and NSE on Tuesday, October 22, 2024.

Should you subscribe to Hyundai Motor India IPO?

Brokerage firms, including ICICI Direct, KR Choksey Research, SBI Securities, and IDBI Capital, have assigned a 'Subscribe' rating to the Hyundai Motor IPO. Additionally, Anand Rathi Research, LKP Securities, Arihant Capital, and Aditya Birla Money have recommended subscribing to the Hyundai Motor IPO for long-term investment. READ MORE