Hyundai Motors India Limited (HMIL) has filed its papers with Sebi for an initial public offering (IPO), which, if approved, could potentially become India's largest IPO. The South Korean parent company intends to divest up to 17.5% of its stake in HMIL through an "offer for sale" method, without issuing new shares. The offering involves the sale of approximately 14.2 crore equity shares out of a total of 81.22 crore shares, as detailed in the Sebi filing.
As the second-largest automaker in India following Maruti Suzuki, HMIL's IPO is valued at Rs 25,000 crore (approximately $3 billion), setting the company's valuation at Rs 1.15 lakh crore.
Examining India's historical IPO landscape reveals some of the largest offerings:
The IPO by the Life Insurance Corporation of India (LIC) in February 2022 made a significant impact, emerging as the largest IPO in India to date. With an issue size of Rs 21,008.48 crore ($2.45 billion), it was oversubscribed 2.95 times and listed on May 17, 2022, at an offer price of Rs 949, closing at Rs 875.45 on its listing day, resulting in a 7.75% loss.
Paytm, a leading fintech firm, launched its IPO in July 2021 with an issue size of Rs 18,300 crore ($2.19 billion). The oversubscribed offering listed on November 18, 2021, at an offer price of Rs 2,150, closing at Rs 1,564.15 on its listing day, marking a 27.25% decline.
Coal India's IPO in August 2010 highlighted the diversity of India's IPO market. With an issue size of Rs 15,199.44 crore ($1.82 billion), it was oversubscribed 15.28 times and listed on November 4, 2010, at an offer price of Rs 245, closing at Rs 342.35, marking a 39.73% gain on its listing day.
General Insurance Corp of India, a state-owned reinsurer, launched its IPO in October 2017 with an issue size of Rs 11,175.84 crore ($1.35 billion). It was oversubscribed 1.38 times and listed on October 25, 2017, at an offer price of Rs 912, closing at Rs 870.40, resulting in a 4.56% loss on its listing day.
SBI Cards and Payment Services, supported by the State Bank of India, had an issue size of Rs 10,354.77 crore, listed on March 16, 2020, at an offer price of Rs 755. The oversubscribed IPO closed at Rs 683.20 on its listing day, marking a 9.51% decline.
Zomato, a prominent food delivery service in India, filed for an IPO in April 2021 with an issue size of Rs 9,375.00 crore ($1.12 billion). The oversubscribed IPO listed on July 23, 2021, within a price band of Rs 72-76 per share, and was oversubscribed 38.25 times.
