Shares of Hyundai Motor India Ltd. (HMIL) on Tuesday debuted on Indian bourses at a discount of about 1.5% to the issue price of ₹1,960 at ₹1,931 and ₹1,934 on the BSE and NSE respectively.

Having witnessed selling pressure throughout the day, the stock closed at ₹1,820.40 on the BSE, down 5.73% from the listing price and down 7.12% from the issue price, causing losses to investors. At the closing price, the company’s full market cap was estimated at ₹1,47,915 crore.

HMIL’s initial public offering (IPO) was a 100% offer for sale (OFS) by its promoter Hyundai Motor Company, Korea, and the issue size was ₹17,870 crore or $3.3 billion, making it the largest ever IPO in the Indian stock market.  

“Considering the large size of the IPO, Hyundai Motors India listing close to the IPO price, with no listing gains, is no surprise,” said Mrunmayee Jogalekar, Auto Research Analyst – Asit C Mehta Investment Interrmediates Ltd. 

“We like the company fundamentals with a medium-to-long term perspective, owing to its favourable product mix, superior return ratios and growth potential in exports market, which is supported by ongoing expansion plans. Launch of Creta EV in Q4 FY25 is now a key event to track in the near term,” she added.

The company organised the listing ceremony at the NSE with the traditional ringing of the bell.

Speaking on the occasion, Euisun Chung, Executive Chair, Hyundai Motor Group said, “Our journey in India begun in 1996 and Hyundai Santro was the first car. We had set up our plant in Chennai. So far, we have produced 38 passenger vehicles and sold over 12 million vehicles in India and in exports markets. HMIL has become an integral part of the community.”

“From the beginning we knew India was the future. Today HMIL has emerged as fastest growing automaker in Inda. Now we are taking the next big step. This IPO shows that HMIL is a key part of India and this demonstrates our commitment to this great nation,” he said.  “As we grow, HMIL will adhere to high standards of corporate governance and will continue its growth momentum,” he added.