South Korea's Hyundai Motor Co. has added Kotak and Morgan Stanley as advisers for its initial public offering in India, Bloomberg reported citing people familiar with the matter.
The syndicate of advisers to the Hyundai India IPO includes Citi, HSBC and JPMorgan, the people said, asking not to be named discussing private information. IFR previously reported that the IPO is planned for June this year.
When contacted by NDTV Profit, Hyundai India refused to comment on the matter. Kotak and Morgan Stanley didn't immediately respond to Bloomberg's requests for comment.
A Hyundai India IPO could raise about $2.5 billion, making it one of India's biggest listings, Bloomberg has reported previously. The maker of the Creta SUV will use the proceeds to expand operations in the country, including exports.
Nearly one in four Hyundai cars are sold in India now. In fact, in the month of April, Hyundai sold nearly as many cars in India as in its home country of South Korea. In South Korea, the carmaker sold 63,733 units—a decline of 4.4% year-on-year. In India, sales volume rose 10% year-on-year to 63,701 units—50,201 units locally and 13,500 exports.
“In April 2024, Hyundai Motor India achieved its fourth consecutive month of 50,000-plus units in domestic sales,” Tarun Garg, chief operating officer of India operations, said in a statement on May 1. “Driven by models like the Creta, Venue and the Exter, SUVs continue to be a growth driver contributing 67% of domestic sales.”
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