Drive to Dalal Street

Hyundai's listing will be positive for Indian markets

The filing of a draft red herring prospectus by Hyundai last week indicates the South Korean chaebol is looking to unlock value in its highly successful Indian subsidiary. The prospectus says the parent will be looking to sell a 17.5 per cent stake in the company, amounting to 142 million shares in what is now a 100 per cent subsidiary. Investment bankers estimate this initial public offering (IPO) would help raise around Rs 25,000 crore with an implied valuation of about Rs 1.45 trillion for Hyundai Motors India. Around 35 per cent of the issue would be reserved for retail