South Korean carmaker Hyundai Motor Company clarified that there are no plans to list its India arm right now.
“This announcement is an explanation announcement (unconfirmed) regarding the Hyundai Motor India IPO and the competition among five global IBs, as reported in Seoul Economic Daily and other sources on February 7, 2024,” Hyundai said in a regulatory filing on Korea's stock exchange.
The company said that it is constantly reviewing various activities, but nothing has been confirmed.
"As a global company, our company is constantly reviewing various activities, including listing overseas subsidiaries, to increase corporate value, but nothing has been confirmed to date," the notification stated.
"We will re-announce the above contents once they are confirmed or within one month," it added.
The clarification comes amidst media reports that said that Hyundai Motor Company was looking to list its India arm in what was touted to be the country's largest IPO.
Deutsche Bank, HSBC, Bank of America, Morgan Stanley, JP Morgan, Citi, and UBS were in South Korea to present pitches and the company at USD 22-28 billion, the reports had noted.
The Korean car and SUV manufacturer announced its best-ever annual calendar year sales of 602,111 units in 2023. This constitutes a 9% year-on-year increase (CY2022: 552,511 units) and marks the first time that it has surpassed the 600,000-units wholesales milestone in the domestic market.