Hyundai Motor India (HMI), the Indian subsidiary of South Korean automaker Hyundai Motor, has filed preliminary papers, known as the draft red herring prospectus (DRHP), with SEBI for its initial public offering (IPO). Advisors for the share sale include Citigroup Inc., Kotak Mahindra Bank, JP Morgan Chase & Co., HSBC Holdings Plc, and Morgan Stanley.
The DRHP is a preliminary registration document filed by a company with regulatory authorities when it intends to raise capital from the public through an IPO. It provides potential investors with essential information about the company, including a business overview, financial details, risk factors, use of proceeds, management details, legal information, and offer specifics. The document is subject to review and approval by regulatory authorities and does not include the final issue price or the number of shares being offered, which will be determined later.
According to preliminary information, HMI, India's second-largest carmaker by passenger sales volumes after Maruti Suzuki, plans to sell 142.2 million shares at a face value of INR 10 each. The proceeds are expected to be used for capacity expansion at its Chennai and Talegaon plants, as well as for investing in the development of new products.
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