Hyundai India drops 5% on debut after record $3.3 billion IPO
-Hyundai Motor India's shares dropped 5% in their market debut on Tuesday, after a tepid response from retail investors to the country's largest ever initial public offering over its pricing.
Its record $3.3 billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred participation by retail investors who worried they would not be able to make gains on the listing. The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the 29 times multiple for market leader Maruti.Nomura started coverage of Hyundai with a"buy" rating and price target of 2,472 rupees. The brokerage said it liked Hyundai's high concentration of SUVs in the portfolio, which formed 67% of its sales in the April-June 2024 quarter.
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