Hyundai IPO Day 3 Live Updates: Issue Sees Slow Momentum, GMP Falls on Last Bidding Day

Hyundai IPO Day 3 Live Updates: The Hyundai Motor India IPO closed for subscription on Thursday, October 17, after barely sailing through the three-day window dragged by tepid response from retail investors. India’s largest initial public offering (IPO) was subscribed 2.37 times on the third and last day of issue as qualified institutional buyers (QIBs) saved the show before the curtains closed.

Seen as a royal snub by retail investors, the Hyundai Motor India IPO opened for subscription on Tuesday, October 15. The response to the initial public offering in the Indian stock market over the past two days has not been favorable. Still, market experts anticipated that the issue would successfully sail through. Hyundai Motor India’s IPO price band ranges from ₹1,865 to ₹1,960 per share.

According to BSE data, the Hyundai Motor India IPO achieved a 42 percent subscription on the second day of the subscription period. Retail investors subscribed to 38 percent of the portion, while non-institutional investors (NIIs) reached 26 percent. The QIB portion saw a subscription of 58 percent.

The employee portion was subscribed 1.30 times. On the first day of the bidding process, the Hyundai Motor India IPO saw an 18 percent subscription, with bids received for 1.77 crore equity shares compared to the 9.97 crore shares on offer, as per NSE data.

Hyundai Motor India IPO grey market premium (GMP) dropped substantially on the third and last day of the issue. According to investorgain.com, the GMP for Hyundai Motor IPO shows a discounted price. The cap price for Hyundai Motor IPO is ₹1,960.00. The estimated listing price for Hyundai Motor IPO at the current GMP is ₹1,940.

Domestic brokerage Motilal Oswal Financial Services recommended a ‘Subscribe for long term’ for Hyundai Motor India IPO. At the upper price band of ₹1,960, the issue is priced at 26.3x FY24 P/E and looks reasonably priced compared to Maruti which is trading at 29.8x.

Overall, the Hyundai Motor India IPO has seen mixed responses from different investor categories, with QIBs showing more interest compared to retail investors. Stay tuned for more updates on the Hyundai IPO as it progresses towards its listing and trading on the stock market.