BlackRock Inc., Singaporean sovereign wealth fund GIC Pte and Capital Group are among investors that have bid to buy Hyundai Motor India Ltd shares in its $3.3 billion initial public offering next week, Bloomberg reported on Friday, citing people familiar with the matter.
The report added that Baillie Gifford and FMR are also looking to participate in the IPO, which is set to be the biggest ever in India.
The so-called anchor book for the IPO has been fully allocated, with half going to domestic institutions and the other half to international investors, the people said.
According to the prospectus, the anchor investor portion consists of as many as 42.4 million shares.
Hyundai Motor has set a price range of 1,865 rupees ($22) to 1,960 rupees ($23) per share for its IPO next week. It plans to use the proceeds from the IPO to enhance its research efforts and develop new cars, Reuters reported earlier this week.
It will set a value of up to $19 billion for its business in India, the world’s third-biggest car market, where Hyundai competes with market leader Maruti Suzuki and rivals such as Tata Motors.
Hyundai’s IPO comes as India is witnessing a gush of IPOs as mature companies make the most of the country’s stock market surge.
India has been among the top markets for IPOs globally this year. There were over 100 IPOs launched in the September 2024 quarter alone—the highest in more than two decades, according to the EY Global IPO Trends: Q3 2024 report by Ernst & Young.
IPO volume grew 73% to 260 in Jan-September (9M) 2024, compared with 150 in the year-ago period. IPO proceeds, meanwhile, more than doubled to $9.4 billion in the first nine months of 2024 from $4 billion a year ago.
