Top Price Market
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Top Price Market

World

Hyundai India shares fall 2% on market debut after record IPO

by October 22, 2024
October 22, 2024
Hyundai India shares fall 2% on market debut after record IPO

Hyundai Motor India’s shares fell 2% in their market debut on Tuesday, after a tepid response from retail investors to the country’s largest ever initial public offering.

The stock listed at 1,934 rupees ($23) on India’s National Stock Exchange, compared to its issue price of 1,960 rupees ($23.31), and was last trading down 2% at 1,920 rupees ($22.84) at 0431 GMT (12:31 a.m. ET).

Hyundai is India’s No. 2 carmaker with a 15% market share. Its record $3.3 billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred retail participation.

Tuesday’s listing in Mumbai is Hyundai Motor’s first such debut outside its home market of South Korea and comes at a time when India’s equity markets have risen sharply.

The two-biggest IPOs prior to Hyundai India – Life Insurance Corporation and Paytm parent One97 communications – both listed at a steep discount.

While Hyundai’s market valuation is much smaller than Indian market leader Maruti Suzuki’s $48 billion, analysts have expressed concerns over the narrower gap when valued by their price-to-earnings ratios.

The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the 29 times multiple for market leader Maruti.

Hyundai counts India as a crucial growth market where it has two manufacturing units and has invested $5 billion, with commitments to pump in another $4 billion over the next decade. The world’s biggest car market after China and the United States is the company’s third-biggest revenue generator globally.

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
5 Best-performing Gold Stocks on the TSX in 2024
next post
She survived the October 7 terror attack. A year later, she took her life. Her family blames the state for not helping.

You may also like

Ukraine claims it destroyed Russian tank landing ship

Israel says it thwarted aerial attacks by Yemen’s...

South Korean parliament votes to impeach acting president

US approves $2 billion in arms sales to...

Terminally ill Palestinian prisoner dies after 38 years...

Simone Biles stepped away from ‘corrosive’ gymnastics for...

Prince Harry ‘in shock’ after quitting his African...

Mother of Kremlin critic Alexey Navalny says she...

Putin makes surprise visit to Kursk as Trump...

Myanmar junta enforces compulsory military service law

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Trump says 80% tariff on China ‘seems right’ ahead of weekend talks...

    • Crypto Market Recap: Bitcoin Breaks US$100,000 as ETF Inflows Rise, Coinbase Makes US$2.9 Billion Power Play

    • 7 Copper ETFs and ETNs

    • Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

    • Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    Categories

    • Business (1,632)
    • Investing (4,784)
    • Politics (7,555)
    • Uncategorized (2)
    • World (6,138)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting

    Disclaimer: toppricemarket.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 toppricemarket.com | All Rights Reserved


    Back To Top