Hyundai picks JPMorgan, Citi to accelerate $3 billion India IPO: sources

In a statement, Hyundai said it had "no further update at this stage", referring Reuters to its statement earlier this week that the India listing has not been decided, and that it would comment on the matter when the plan becomes finalised or within a month.

Hyundai, the second-biggest automaker in India with a 15% market share, is in the initial stages of considering an IPO in India that would value its local operation at up to $30 billion, Reuters reported this week. The IPO could be India’s largest.

Such a fundraising by Hyundai would put the valuation of its Indian operation at more than half its market capitalisation of around $47 billion in Seoul.

Some domestic Indian investment banks are also likely to be appointed for the IPO in coming months, the two sources added.

IPOs in India boomed in the second half of 2023, and bankers expect this to continue in 2024 amid hopes for political stability after upcoming elections.

Hyundai is doubling down in the South Asian nation and the U.S. after scaling back its production in China after years of losses there, and selling its two Russian plants.

It entered India more than two decades ago and is the only foreign player to have become dominant, alongside market leader Maruti Suzuki. Companies like Ford Motor and General Motors have folded their India businesses.