Auto manufacturer Hyundai Motor Company has stated that it is yet to take a decision about listing its Indian subsidiary Hyundai Motor India. In a regulatory filing, the company had announced that they constantly review various measures, which also included listing overseas subsidiaries in order to increase overseas value.
On February 6, it was reported that South Korean carmaker Hyundai had plans to list Hyundai Motor India in order to raise $3 billion. But, Hyundai Motor Company highlighted that it is yet to take a decision on this front.
Moneycontrol reported that sources had revealed that the Indian subsidiary of Hyundai Motor Company was in the early stages of conversation with many banks regarding initial public offering (IPO). They included JP Morgan, Morgan Stanley, Citi and Bank of America.
It was further stated that Hyundai, which enjoys a 15 percent market share, is seeking money that may value its company at as much as $30 billion.
In FY23, Hyundai Motor India reported a 37.6 percent jump in ad spends as compared to FY22. The company shelled out Rs 491 crore in FY22, and increased to Rs 677 crore in FY23.