Hyundai Motor India’s shares declined over 4% during their trading debut on Tuesday, following the company’s record-breaking US$3.3 billion initial public offering (IPO), the largest ever in India by the amount raised.
The stock opened at ₹1,931 on the BSE, down from the IPO price of ₹1,960. The automaker had offered 142.19 million shares in a price range between ₹1,865 ($22.18) and ₹1,960 per share.
Despite the initial drop, the IPO was significantly oversubscribed, with bids exceeding the offering by more than two times, reflecting strong investor demand.
The IPO marked Hyundai Motor India’s first listing outside South Korea and was structured as an offer for sale, where Hyundai Motor Company, its parent company, sold its shares rather than issuing new stock.
The shares are now listed on both the NSE and BSE in India.
The offering was managed by a consortium of prominent investment banks, including Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, and Morgan Stanley India.