Hyundai mulls up to $5.6bn IPO for India unit

Asia Tech Wire (Feb 5) -- South Korea's Hyundai Motor Co. mulls up to $5.6 billion listing of its Indian unit, according to the Economic Times.

Citing people familiar with the matter, the report said Hyundai Motor is evaluating plans to raise $3.3 billion to $5.6 billion by listing its Indian subsidiary.

Leading global investment banks, including Goldman Sachs, Citi, Morgan Stanley and JP Morgan, gathered in Seoul last week to make IPO pitches to Hyundai's leadership, the people said.

The bankers valued Hyundai Motor's Indian subsidiary at between $22 billion and $28 billion, they said.

Founded in 1996, Hyundai Motor India Ltd. (HMIL) was India's second-largest passenger car seller last year after Maruti Suzuki India.

Hyundai plans to list HMIL in India around Diwali between September and November, people familiar with the matter said.

Once successful, HMIL's IPO could be the largest initial public offering in the country.

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