Hyundai Motor India Shares Fall 5% on Market Debut, Despite Record ₹27,000 Crore IPO
In contrast to the ₹1,960 offer price, Hyundai Motor Indias shares fell 5% on their market debut, listing at ₹1,934. Retail investors hesitated be
In contrast to the ₹1,960 offer price, Hyundai Motor Indias shares fell 5% on their market debut, listing at ₹1,934. Retail investors hesitated because of price worries, fearing limited profits, even though the record ₹27,000 crore $3.3 billion IPO was oversubscribed more than twice. Targeting a $19 billion value, Hyundai, the secondlargest carmaker in India with a 15% market share, saw its market capitalisation close at about ₹1.51 trillion $17.96 billion. Brokerages such as Nomura and Macquarie initiated coverage with "buy" and "outperform" ratings, citing strong potential in Hyundais SUVcentric portfolio amidst slowing car sales in India, despite analysts concerns over the high P/E ratio of 26 times fiscal 2024 earnings compared to Maruti Suzukis 29 times.
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B2B Tech News | 13 days ago