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.