Hyundai chooses JP Morgan, Citi to bolster USD 3 billion IPO: Report
The firm plans to file regulatory papers in India by May- June, as per sources.
Hyundai Motor has picked JP Morgan and Citi for its nearly USD 3 billion India IPO, bolstering plans to take its India unit public in the world's third-biggest auto market, Reuters reported citing persons in the know.
The firm plans to file regulatory papers in India by May- June, two of the three sources informed Reuters, on condition of anonymity, as the talks are private.
Hyundai's India arm, JPMorgan and Citi refrained from offering comments to the newswire.
Hyundai, the second-biggest automaker in India with a 15% market share, is in the nascent stages of mulling a listing in India that would value its local operation at up to USD 30 billion, Reuters reported this week, in what is being touted as India's largest IPO.
Some domestic Indian investment banks are also likely to be appointed for the listing in the coming months, the two sources added.
IPOs in India boomed in the second half of last year, and bankers expect this to continue in 2024 amid hopes for political stability after upcoming elections, the newswire noted.
RELATED ARTICLES
New Toyota rugged SUV to enter production by year end
Will share platform, powertrain with Fortuner.
Good news for electric 2-wheeler buyers as govt extends EMPS scheme
EMPS, which was originally set to conclude on July 31, 2024, will now run until September 30, 2024. Additionally, the go...