Hyundai India IPO subscription status Day 2: Issue subscribed 23% so far; GMP continues to decline
Hyundai Motor India Ltd initial public offer (IPO) received 23 percent subscription on the second day of bidding on Wednesday. The Indian arm of South Korean automaker Hyundai received bids for 2.29 crore shares against 9.97 crore shares on offer, as per NSE data until 12.30 pm.
The portion for retail individual investors (RIIs) of the Rs 27,870 crore initial share sale was subscribed 34 percent, while the non-institutional investors category fetched 18 percent subscriptions. The quota for qualified institutional buyers (QIBs) garnered a 5 percent subscription.
The employee portion of the issue has been fully booked with 1.15x subscription.
The company on Monday raised Rs 8,315 crore from anchor investors. This is the largest IPO in the country, surpassing LIC’s initial share sale of Rs 21,000 crore.
The IPO, with a price band of Rs 1,865-1,960 per share, will remain open for public subscription from October 15 to October 17. The IPO is entirely an offer for sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component.
