Hyundai Motor India's Stocks Surge Post-Market Debut

Hyundai Motor India Ltd, the Indian unit of the South Korean automaker, saw its stock rise 6% following its market debut. The IPO, the largest in India, surpassed even LIC's. The offer, valued at Rs 27,870 crore, marked the first auto IPO since Maruti Suzuki's in 2003.

Shares of Hyundai Motor India Ltd, the Indian division of the South Korean automotive giant, surged by 6% on Wednesday, a day after its entrance into the stock market.

On the BSE, the stock increased 5.91% to Rs 1,928.15, and on the NSE, it rose 6% to Rs 1,928.90. This follows a tentative initial trading day where shares closed over 7% below the issue price of Rs 1,960.

The Hyundai IPO, which closed subscription last Thursday, was a major event with a subscription rate of 2.37 times, driven by institutional investment. Valued at Rs 27,870 crore with a price range of Rs 1,865-1,960, it outdid LIC's previous record-breaking IPO. This marked the first auto sector IPO since Maruti Suzuki's 2003 market listing, offering no new shares but selling 14,21,94,700 existing shares from Hyundai's parent company.