Hyundai Shares Hit Record High in Seoul as India Unit Files DRHP
In a significant financial move, Hyundai Motor Co. witnessed a notable surge in its stock price, reaching a record high in Seoul. This rise comes on the heels of Hyundai Motor India Ltd. filing a draft red herring prospectus (DRHP) for an initial public offering (IPO), signaling what could be one of India's largest-ever IPOs. The Korean automaker announced plans to sell a 17.5% stake in its Indian subsidiary, Hyundai Motor India Ltd. This strategic decision was detailed in the DRHP filed last Friday. The news propelled Hyundai’s stock to jump by as much as 6.3% in Seoul, showcasing investor confidence in the company’s growth prospects in the burgeoning Indian market. According to reports from Bloomberg News, Hyundai aims to raise approximately $2.5 billion through the IPO, with a potential listing planned by the end of the year. If successful, this IPO could rival the record set by the 2022 listing of Life Insurance Corp. of India, marking a monumental event in I...
