Full-scale trading of Hyundai Motor India Limited shares began Tuesday on the Mumbai market with the company’s arrival in the biggest-ever initial public offering on the Indian stock exchange.
This was the Hyundai Motor Group’s first overseas listing, with Executive Chairperson Chung Eui-sun meeting Indian Prime Minister Narendra Modi to pledge increased cooperation, including local sales of electric vehicles.
Hyundai Motor announced Tuesday that it had held a ceremony at the National Stock Exchange (NSE) in Mumbai to mark the listing of its Indian branch on the local stock market, with Chung, President and CEO Chang Dae-hoon, and other management representatives in attendance.
Displayed at the entrance to the venue was an Ioniq 5 — an EV released in India by the automaker last year. After the lighting of a lamp to signify the event’s opening, Chung personally rang a bell to celebrate Hyundai Motor India’s listing.
In remarks on Tuesday, Chung stated that Hyundai Motor India had established itself as part of India since entering the Indian market in 1996.He added, “We knew that India was the future. That is why we continuously increased investments, expanded our R&D capabilities and created more than 250,000 jobs.” Hyundai became the second foreign finished carmaker to be listed on the Indian stock exchange, following Maruti Suzuki, the largest auto manufacturer in India. The Indian subsidiary of Hyundai had an IPO price of 1,960 rupees (around US$23), raising it around 4.5 billion won (US$3.3 trillion). The market capitalization of the Indian subsidiary comes to around 26 trillion won, or around half of that on Korea’s KOSPI index. To mark the IPO, Chung met with Modi at the prime minister’s residence in Delhi the day before.
“Hyundai Motor has successfully operated in India for over 26 years, becoming the second largest automobile manufacturer thanks to the Indian government’s interest and the Indian people’s support,” Chung said at the meeting, pledging to continue to play the role of a trusted partner in the “Make in India” initiative and the “Viksit Bharat 2047” vision for Indian development.
Hyundai Motor Group currently operates two plants for Hyundai Motors in Chennai, and one for Kia in Anantapur. It plans to break ground on a plant in Pune with an annual capacity of 170,000 units in late 2025.
