Hyundai Motor India makes weak stock market debut, lists 1.5% lower than IPO price

Hyundai Motor India shares me a weak stock market debut on Tuesday, October 22 as stock opened for tring at Rs 1,931 on BSE, marking a decline of 1.47 per cent from Initial Public Offering (IPO) price of Rs 1,960. On National Stock Exchange, Hyundai Motor India shares opened for tring at Rs 1,934, marking a decline of 1.32 per cent.

Hyundai Motor India raised Rs 27,870 crore from share sale via IPO which was India's biggest IPO on record after Life Insurance Corporation (LIC) raised Rs 21,008 crore in 2022.

Hyundai Motor India's IPO saw a mixed response from investors as portion reserved for large investors, which fall under category of Qualified Institutional Buyers, was booked 7 times while pies set aside for retail and non-institutional investors was booked 60 per cent and 50 per cent respectively.

"Despite discounted listing, Hyundai Motor India's strong fundamentals, being second-largest passenger vehicle manufacturer in India and its strategic focus on SUV segment, continue to support its long-term growth prospects. Investors who entered with a long-term perspective may consider holding stock, as future performance will likely be driven by company’s competitive market position and product innovations," said Shivani Nyati, He of Wealth, Swastika Investmart Ltd.

After a weak listing, Hyundai Motor India shares continued on ir downward journey as stock fell as much as 6 per cent from IPO price to hit an intray low of Rs 1,844 by 10:21 am on National Stock Exchange.