12:46 - 22.10.2024

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October 22, Fineko/abc.az. Shares of the Indian division of South Korean automaker Hyundai Motor fell more than by 5% in debut trading after their initial public offering (IPO), ABC.AZ reports, referring to CNBC.

The IPO of the Indian "daughter" of Hyundai has become a record in the history of India. The company managed to raise $3.3 billion. The IPO price was 1,960 rupees per share. At the moment, the paper dropped to the level of 1,860 rupees.

The automaker has placed 142.19 million shares. The application book for participation in the Hyundai Motor India IPO was oversubscribed 2.4-fold. Company's shares are traded on the National Stock Exchange of India (NSE) under the ticker HYUN.

According to Kranti Batini, director of equity strategy at Wealthmills Securities, investing in Hyundai Motor shares is more of a medium- or long-term idea than a short-term one.