Hyundai Motor India Shares Surge 6% on Debut

New Delhi, Oct 23 (PTI) Shares of newly-listed Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, jumped 6 per cent on Wednesday, a day after making the market debut.

The stock climbed 5.91 per cent to Rs 1,928.15 from the previous close on the BSE.

At the NSE, the stock surged 6 per cent to Rs 1,928.90.

Shares of Hyundai Motor India Ltd on Tuesday made a muted market debut and ended more than 7 per cent lower against the issue price of Rs 1,960.

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 biggest 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.

This was the first initial share sale by an automaker in over two decades, following Japanese carmaker Maruti Suzuki's listing in 2003.

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.