Hyundai Motor India's IPO Faces Lukewarm Retail Response

Hyundai Motor India shares opened 1.3% lower due to weak interest from retail investors in its $3.3 billion IPO. The stock debuted at 1,934 rupees against the issue price of 1,960 rupees. Despite this, the IPO was oversubscribed, largely due to institutional investors.

Hyundai Motor India's shares slipped 1.3% in early trade on Tuesday, following a lukewarm response from retail investors to its historic $3.3 billion initial public offering.

Opening at 1,934 rupees on the National Stock Exchange, the stock fell below its issue price of 1,960 rupees. Hyundai ranks as India's second-largest carmaker, holding a 15% market share.

While the IPO was oversubscribed more than twice primarily driven by institutional investor interest, pricing concerns appeared to dissuade retail investors from participating actively.

(With inputs from agencies.)