South Korea’s Hyundai Motor is exploring an preliminary public providing (IPO) for its Indian unit to boost a minimum of $3 billion, two sources accustomed to the matter stated on Monday.
Hyundai Motor India can be in early stage talks for an IPO later this yr that might worth the corporate at $25 billion-$30 billion, the sources stated.
Whereas Hyundai’s plan for an IPO later this yr shouldn’t be finalised, it may probably be the nation’s largest inventory market providing, the sources stated.
The corporate is exploring “worth unlocking for its India enterprise” by means of the IPO, the 2 sources stated.
A spokesperson at Hyundai’s India unit declined to remark.
Hyundai, India’s second-largest carmaker by gross sales, has stated it plans to take a position $2.45 billion within the nation for its electrification push with plans to launch new EVs, charging stations and a battery pack meeting unit.
The carmaker, which entered India greater than 20 years in the past, has 15% share of the Indian automotive market and competes with Maruti Suzuki and native rival Tata Motors.