Hyundai Motor Company has firmly established its commitment to India as a vital market for its future growth, according to Euisin Chung, the executive chair of the company. Speaking at the Hyundai Motor India listing ceremony held in Mumbai on October 22, Chung emphasized the company’s intent to bolster its investments and enhance its research and development (R&D) capabilities within the country.
“As India marches towards the Vikisit Bharat 2024 vision, Hyundai will stand as a trusted partner in it,” Chung declared, reinforcing the company’s strategic alignment with India’s aspirations for economic growth and innovation.
Hyundai’s Journey in India
Reflecting on Hyundai’s long-standing presence in India, Chung recounted the company’s journey, which began in 1992 with the launch of the Santro. Since that pivotal moment, Hyundai has introduced a total of 38 passenger vehicle models to the Indian market and has sold over 12 million vehicles domestically and internationally. This extensive experience underscores Hyundai’s commitment and adaptability in navigating the complexities of the Indian automotive landscape.
A Mixed Reception for Hyundai Motor India IPO
Despite the positive outlook for Hyundai’s future in India, the company faced a challenging debut on the stock exchanges. On October 22, Hyundai Motor India shares listed at a 1.32 percent discount, opening at Rs 1,934 on the National Stock Exchange, below its initial public offer (IPO) price of Rs 1,960. The weak performance came despite a robust subscription rate of 237 percent for the IPO, bolstered primarily by institutional investors, although retail participation lagged behind expectations.
The Hyundai IPO, valued at Rs 27,870 crore, now holds the title for the largest IPO in India, surpassing the previous record set by Life Insurance Corporation of India (LIC), which raised Rs 21,000 crore in its own IPO.
