Hyundai Motor India Ltd shares had a subdued market debut, listing over 1% lower than the issue price. Despite institutional backing, investor sentiment remains cautious.
Representational Pic
Listen to this article
Hyundai Motor India shares make muted market debut, listing over 1% lower
x
00:00
- Hyundai Motor India shares listed at Rs 1,931, down 1.47% from the issue price.
- The initial public offer was subscribed 2.37 times, making it the largest IPO in India.
- The company`s market valuation reached Rs 1,57,807.67 crore in early trade.
Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, on Tuesday listed with a discount of over 1 per cent against the issue price of Rs 1,960, according to PTI.
The stock listed at Rs 1,931, reflecting a decline of 1.47 per cent from the issue price on the BSE. Later, the stock made some recovery and hit a high of Rs 1,968.80, up 0.44 per cent. But, the stock again declined 0.74 per cent to trade at Rs 1,945.40.
On the NSE, the stock made its debut at Rs 1,934, down 1.32 per cent. The company's market valuation stood at Rs 1,57,807.67 crore during the early trade.
The initial public offer of Hyundai Motor India Ltd got subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers. This was the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore.
The Rs 27,870 crore initial share sale had a price band of Rs 1,865-1,960 per share. The initial public offer (IPO) was entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component.
HMIL commenced operations in India in 1996 and currently sells 13 models across segments. In the equity market, the BSE Sensex traded 295.97 points higher at 81,447.24 and the NSE Nifty quoted 72.35 points up at 24,853.45. PTI reports that the muted market debut reflects cautious investor sentiment despite strong institutional backing, and market participants are closely watching the stock's performance.
The stock listed at Rs 1,931, reflecting a decline of 1.47 per cent from the issue price on the BSE. Later, the stock made some recovery and hit a high of Rs 1,968.80, up 0.44 per cent. But, the stock again declined 0.74 per cent to trade at Rs 1,945.40.
On the NSE, the stock made its debut at Rs 1,934, down 1.32 per cent. The company's market valuation stood at Rs 1,57,807.67 crore during the early trade.
The initial public offer of Hyundai Motor India Ltd got subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers. This was the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore.
The Rs 27,870 crore initial share sale had a price band of Rs 1,865-1,960 per share. The initial public offer (IPO) was entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component.
HMIL commenced operations in India in 1996 and currently sells 13 models across segments. In the equity market, the BSE Sensex traded 295.97 points higher at 81,447.24 and the NSE Nifty quoted 72.35 points up at 24,853.45. PTI reports that the muted market debut reflects cautious investor sentiment despite strong institutional backing, and market participants are closely watching the stock's performance.
ADVERTISEMENT
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
"Exciting news! Mid-day is now on WhatsApp Channels 
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
