Hyundai Motor India shares make muted market debut, list over 1% lower

New Delhi: Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, on Tuesday listed with a discount of over 1 per cent against the issue price of Rs 1,960.

The stock listed at Rs 1,931, reflecting a decline of 1.47 per cent from the issue price on the BSE. Later, the stock made some recovery and hit a high of Rs 1,968.80, up 0.44 per cent. But, the stock again declined 0.74 per cent to trade at Rs 1,945.40.

On the NSE, the stock made its debut at Rs 1,934, down 1.32 per cent.

The company's market valuation stood at Rs 1,57,807.67 crore during the early trade.

The initial public offer of Hyundai Motor India Ltd got subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers.

This was the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore.

The Rs 27,870 crore initial share sale had a price band of Rs 1,865-1,960 per share.

The initial public offer (IPO) was entirely an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component.

HMIL commenced operations in India in 1996 and currently sells 13 models across segments.

In the equity market, the BSE Sensex traded 295.97 points higher at 81,447.24 and the NSE Nifty quoted 72.35 points up at 24,853.45.