Hyundai Motor India (HMIL), which listed on the bourses Tuesday with the country’s largest initial public offering, said it will continue to invest in the Indian market to expand capacity, deepen localisation and bring in new technologies that would include the launch of multiple electric vehicles to create value for shareholders.
Speaking at the listing ceremony at the National Stock Exchange (NSE), Euisin Chung, Executive Chairman, Hyundai Motor Company, held the IPO shows that HMIL is a “key part of India”. This is the first IPO for a unit of the South Korean automaker outside South Korea.
“As we move forward, HMIL will continue to embrace the highest standards in governance. Through its board of directors, HMIL will make prudent, transparent and timely decisions. Also, our commitment to localization will continue, based on the spirit of collaboration and shared growth. Our commitment to being a pioneer in future technologies will continue as well – right here in India”, Chung said.
As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch four electric vehicles in the market here starting with the electrified version of the Creta in the fourth quarter of the ongoing fiscal year. The company will additionally work on developing a local vendor base and adequate charging infrastructure to price these vehicles competitively and facilitate ease of ownership among customers.
Chung informed, “In all of this, HMIL will continue to be a key player of the “Make in India” initiative. As India marches toward its “Viksit Bharat 2047” vision, Hyundai will stand as a trusted partner in this meaningful journey.”
Hyundai Motor India shares fell nearly 4% on their trading debut Tuesday after a USD 3.3 billion initial public offering, the country’s largest-ever by amount raised. The company’s shares were trading down at INR 1,882 from their initial public offering price of INR 1,960. The automaker has offered INR 142.19 million shares at a price band of INR 1,865 (USD 22.18) to INR 1,960. The IPO fetched INR 278.56 billion, or USD 3.3 billion.
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