ARTICLE

Hyundai IPO subscribed 42% on Day 2; retail quota booked 38%

Hyundai Motor India Ltd’s (HMIL) Rs 27,870 crore ($ 3.3 billion) initial public offering (IPO) saw a subscription of 38 per cent from retail investors on the second day of bidding. The country’s largest-ever IPO received 1.89 crore bids from retail investors as against the allocated shares of 4.94 crore. Overall, the share sale saw a subscription of 42 per cent on its second day, with 4.17 crore bids being received, compared to 9.97 crore shares on offer. The employees purchased 131 per cent of the shares offered to them. Non-institutional investors (NII) portion got applications for 54.93 lakh shares as against the quota of 2.12 crore shares, representing a 26 per cent subscription on Wednesday. The Qualified Institutional Buyers (QIBs) portion got subscribed 58 per cent, with 1.63 crore bids being received as against 2.82 crore shares offered. The QIB portion is normally filled on the last day, which is October 17. HMIL has fixed the price band of the IPO in the range of Rs 1,865 to Rs 1,960 per equity share of the face value of Rs 10, valuing the company at around Rs 1.5-1.6 lakh crore. The IPO comprises an Offer for Sale of up to 14.21 crore equity shares of face value of Rs 10 each by the promoter selling shareholder. Hyundai Motor Company of South Korea will get the entire proceeds of Rs 27,870 crore. None

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