Hyundai Motor India
Book Building issueMainboard₹27,859 Cr issue
-1.48%
Listing gain over issue price
Issue size
₹27,859 Cr
1 lot at cut-off
₹13,720
Lot size
7shares
Open
15 Oct 2024
Close
17 Oct 2024
Allotment
18 Oct 2024
Listing
22 Oct 2024
Listing performance
Issue price
₹1,960
Listed at
₹1,931
Listing-day close
₹1,820.40
Latest price
₹1,850
Close on 23 Oct 2026
Listing gain
-1.48%
Return since issue
-5.61%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Oct 2024 – 17 Oct 2024
- Listing date
- 22 Oct 2024
- Face value
- ₹10 per share
- Issue price
- ₹1,960 per share
- Lot size
- 7 shares
- Issue type
- Book Building issue
- Total issue size
- ₹27,859 Cr
- Market cap at offer price
- ₹1,59,258 Cr
- Promoter holding
- 100.00% → 82.50% pre-issue → post-issue
- ISIN
- INE0V6F01027
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- Plot No.H-1, SIPCOT Industrial Park, Irrungattukottai, Sriperumbudur Taluk, Kancheepuram, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,24,24,890 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 7 shares per lot, in multiples, at ₹1,960
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 7 | ₹13,720 |
| Retail (max) | 14 | 98 | ₹1,92,080 |
| S-HNI (min) | 15 | 105 | ₹2,05,800 |
| S-HNI (max) | 72 | 504 | ₹9,87,840 |
| B-HNI (min) | 73 | 511 | ₹10,01,560 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,24,24,890
Anchor portion
₹8,315 Cr
at ₹1,960 per share
Valuation and performance
Valuation at offer price
₹1,960 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 74.58 | 73.33 |
| P/E (×) | 26.28 | 26.73 |
| Price to book (×) | 14.93 | — |
| Market cap | — | ₹1,59,258 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.26%
- ROCE
- 13.69%
- PAT margin
- 8.50%
- NAV per share
- ₹149.52
- Price to book
- 14.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Hyundai Motor India
Hyundai Motor India Limited is a public limited company incorporated on May 6, 1996, and a subsidiary of Hyundai Motor Company (HMC), the third largest auto OEM in the world. The company primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently, its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs. The company has been the second largest auto OEM in the Indian passenger vehicles market in Fiscals 2022, 2023 and 2024 and the three months ended June 30, 2024, and also since Fiscal 2009 in terms of domestic sales volumes. It has been India's second largest exporter of passenger vehicles since Fiscal 2022 through June 30, 2024. Revenue from sale of products - vehicles as a percentage of revenue from operations was 85.77-87.36%, while revenue from sale of products – parts was 5.94-7.12% across the reported periods.
Company Analysis
from RHPHyundai Motor India Limited manufactures and sells four-wheeler passenger vehicles and parts in India and outside India, operating in the automotive industry.
Hyundai Motor India Limited is a public limited company incorporated on May 6, 1996, and a subsidiary of Hyundai Motor Company (HMC), the third largest auto OEM in the world. The company primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently, its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs. The company has been the second largest auto OEM in the Indian passenger vehicles market in Fiscals 2022, 2023 and 2024 and the three months ended June 30, 2024, and also since Fiscal 2009 in terms of domestic sales volumes. It has been India's second largest exporter of passenger vehicles since Fiscal 2022 through June 30, 2024. Revenue from sale of products - vehicles as a percentage of revenue from operations was 85.77-87.36%, while revenue from sale of products – parts was 5.94-7.12% across the reported periods.
automotive manufacturingpassenger vehicle manufacturingparts manufacturing
Objects of the Issue
- Not specified in this part of the document
- Offer for Sale by Promoter Selling Shareholder; Company will not receive any proceeds from the Offer p.91
Issue Structure
- Total Issue
- Up to 142,194,700 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 142,194,700 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] million
- Price Band
- [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The company manufactures and sells four-wheeler passenger vehicles and parts, both domestically and for export. It derives revenue from the sale of vehicles (approximately 86% of revenue) and parts (approximately 6% of revenue). The company operates two manufacturing plants - one in Irrungattukottai, Sriperumbudur in Chennai, Tamil Nadu, and one in Talegaon, Pune, Maharashtra. Manufacturing involves both in-house production of engines and transmissions, as well as procurement of parts from suppliers including related party entities within the Hyundai Motor Group.
Business Segments
Manufacture and sale of four-wheeler passenger vehicles across sedans, hatchbacks, SUVs and battery EVs. Portfolio includes 13 passenger vehicle models.
Manufacture and sale of automotive parts such as transmissions and engines, and other components.
Manufacture and sale of ICE (Internal Combustion Engine), CNG, and EV passenger vehicles in India through dealer network
Export of passenger vehicles and parts to Africa, Latin America, Middle East, and other regions
Provision of warranty, spare parts supply, and after-sales services through dealer network and Mobis (Group Company)
Facilitation of third-party passenger vehicle insurance products through website, myHyundai app and dealers via subsidiary Hyundai India Insurance and Broking Private Limited
Manufactures and sells sedan passenger vehicles including Aura and Verna models
Manufactures and sells hatchback passenger vehicles including Grand i10 NIOS, i20 and i20 N Line models
Manufactures and sells sports utility vehicles including Exter, Venue, Venue N Line, Creta, Creta N Line, Alcazar, Tucson and IONIQ 5
Manufactures and sells battery electric vehicles, currently offering IONIQ 5 as a premium EV model
Manufacturing and selling passenger vehicles across multiple segments including compact sedans, premium sedans, luxury sedans, compact hatchbacks, premium hatchbacks, compact SUVs, mid-size SUVs, and large SUVs in the Indian market through 1,377 dealer outlets (733 urban, 644 rural)
Manufacturing and exporting four-wheeler passenger vehicles to emerging markets including South Asia, Latin America, Africa, Middle East and other global markets, subject to Hyundai Motor Company's prior written approval
Providing extended warranty programs (up to 7 years for certain vehicle types) and insurance broking services through wholly-owned subsidiary Hyundai India Insurance Broking Private Limited, which offers motor insurance purchasing and claim assistance services in partnership with 15 insurance companies
Providing after-sales services through 1,561 dealer workshops and authorised service centres across India as of June 30, 2024, including maintenance, repair, spare parts supply, warranty services, 'Doorstep Service Programme', and 24/7 roadside assistance
Establishing and operating electric vehicle charging infrastructure including fast charging stations across India; as of June 30, 2024, had 13 fast charging stations and committed to installing 100 high-speed charging stations by 2027 in collaboration with Government of Tamil Nadu; operates charging management system 'EV Charge'
Manufacture and distribution of motor vehicles
Manufacture and supply of engine, transmission and other motor vehicle parts
Provide related after-sales activities and engineering services
Manufacturing and sale of passenger vehicles across sedans, hatchbacks, SUVs, and battery electric vehicles with a portfolio of 13 vehicle models
Manufacturing and sale of automotive parts including transmissions and engines
Provision of engineering services, insurance broking business, and transportation services
Sale of scrap, duty drawback, government incentives including RoDTEP scheme and other government incentives
Sale of passenger vehicles in India through a network of third-party dealers
Export of passenger vehicles to emerging markets including Latin America, Africa, Middle East, and Europe
Sale of parts such as engines, transmissions, and other components to Hyundai Motor Group companies and third parties
Engineering services, insurance broking (via subsidiary), and transportation services for dealers and distributors
SWOT Analysis
Strengths
- • Second largest auto OEM in Indian PV market with established market position(p.21)
- • Part of Hyundai Motor Group, the third largest auto OEM globally(p.21)
- • India's second largest exporter of passenger vehicles(p.21)
- • Diversified vehicle portfolio across multiple segments(p.21)
- • Strong brand recognition through Hyundai trademark(p.46)
- • Leading market position in India's oligopolistic automotive market(p.62)
- • Strong SUV portfolio and market leadership in SUV segment(p.47)
- • High capacity utilization demonstrating operational efficiency(p.45)
- • Significant export presence as HMC's export hub(p.43)
- • Second largest auto OEM in Indian passenger vehicle market since 2009(p.123)
- • Diverse portfolio across powertrains and vehicle segments with 13 models(p.123)
- • Pan-India sales and after-sales network with 1,377 sales outlets and 1,561 service centers(p.123)
- • Flexible and automated manufacturing based on five different platforms(p.123)
- • Digitized customer and dealer interactions through myHyundai app and website(p.123)
- • Second largest auto OEM in India with consistent market leadership since 2009(p.189)
- • Leading exporter from India with presence in 150+ countries(p.190)
- • Diverse portfolio of 13 models across powertrains and segments(p.190)
- • Pan-India distribution network with 1,377 sales and 1,561 service outlets(p.192)
- • Highly automated manufacturing with 743 robots and production of one vehicle every 30 seconds(p.194)
- • Strong financial performance with EBITDA margin of 13.08% and ROCE of 62.90%(p.195)
- • Market leadership in mid-size SUV segment with Creta holding 38% share(p.189)
- • Support from parent company HMC with R&D investment of ₹1,875.03 billion globally(p.184)
- • Leading manufacturing capacity with planned significant expansion(p.196)
- • Advanced manufacturing technology and automation capabilities(p.206)
- • Strong pan-India dealer and service network(p.210)
- • Diverse passenger vehicle portfolio across multiple segments(p.198)
- • Growing EV capabilities and strategic positioning in electrification(p.196)
- • Connected car technology and digital innovation(p.203)
- • High capacity utilization and operational efficiency(p.196)
- • Backing from strong parent company with global presence(p.256)
- • Established manufacturing capability with multiple production facilities(p.277)
- • Access to proprietary technology and knowhow through promoter(p.258)
- • Experienced management team with global automotive expertise(p.250)
- • Strong revenue growth trajectory with CAGR of 21.40% between FY2022-2024(p.332)
- • Localized supply chain reducing cost and import dependency(p.337)
- • Diversified passenger vehicle portfolio across multiple segments(p.335)
- • Improved profitability with profit margin expanding to 8.50% in FY2024(p.351)
- • Hub for emerging market exports with higher ASP premium(p.337)
Weaknesses
- • High dependence on single promoter (HMC owns 100% pre-IPO)(p.45)
- • Heavy reliance on limited suppliers; top-10 suppliers account for ~58% of purchases(p.43)
- • Critical dependence on Mobis for spare parts and modular components (17.91% of parts sourced)(p.42)
- • Materials costs are 66-71% of total income, exposing company to commodity price volatility(p.40)
- • Significant outstanding litigation with material quantum (₹62,413.94 million against company)(p.24)
- • High concentration of suppliers in single geographic region (93% from four adjoining districts)(p.44)
- • Heavy dependence on parent company HMC for critical operations(p.46)
- • Concentrated manufacturing in single location creates operational risk(p.55)
- • Mandatory royalty payments to HMC reducing profitability(p.46)
- • Declining domestic market share(p.69)
- • Significant contingent tax liabilities outstanding(p.59)
- • Limited EV market penetration despite global trend(p.64)
- • Litigation and legal proceedings burden(p.53)
- • High dependence on Promoter (HMC) for parts, materials and R&D(p.39)
- • Large promoter control at 82.50% post-IPO limits minority shareholder influence(p.91)
- • Limited public float of only 17.50% constrains liquidity for five years(p.92)
- • Accounting differences between Ind AS and IFRS/K-IFRS create investor uncertainty(p.87)
- • No explicit non-compete agreement with Promoter creates potential conflicts of interest(p.66)
- • Heavy reliance on parent company HMC for exports business requiring prior written consent(p.188)
- • Dependence on imports for key raw materials and critical components(p.181)
- • Limited localization in EV components and continued import dependency(p.169)
- • Lower service to sales touchpoints ratio at 0.7x compared to competitors(p.172)
- • Heavy dependence on parent company HMC for critical operations and exports(p.201)
- • Mandatory royalty obligation to parent company reducing profitability(p.198)
- • Concentration of suppliers creating operational risk(p.207)
- • Reliance on single subsidiary for spare parts and modular components(p.208)
- • Limited EV market penetration and scale(p.196)
- • Risk of delays in statutory payments impacting operations(p.214)
- • Dependence on parent company for operations, parts and R&D(p.39)
- • Audit compliance issues with subsidiaries regarding data backup(p.286)
- • Audit trail system deficiencies in accounting software(p.286)
- • Royalty burden reducing profitability(p.258)
- • Heavy dependence on limited number of suppliers with top-5 representing 42.61% of purchases(p.334)
- • Significant reliance on promoter (HMC) for export business and royalty obligations(p.337)
- • Plant concentration with single operational manufacturing facility(p.379)
- • Recent special dividend payout materially reduced equity base and cash position(p.350)
- • Audit trail gaps in financial systems noted by statutory auditors(p.358)
Opportunities
- • Indian PV market growth; historic high of 4.2 million units reached in FY2024(p.21)
- • Growing SUV segment; company holds 18% market share in SUVs(p.21)
- • Expansion into battery electric vehicles (BEVs) and connected car technology(p.21)
- • Access to HMC's global R&D and manufacturing expertise(p.45)
- • Expected growth in SUV segment aligned with company portfolio(p.51)
- • Expanding EV market with government incentives(p.64)
- • Government support for green hydrogen technology development(p.60)
- • New manufacturing capacity through Talegaon plant(p.62)
- • Emerging markets expansion potential through export hub strategy(p.46)
- • Government incentives for manufacturing in Tamil Nadu(p.60)
- • Growing consumer preference for fuel-efficient and electric vehicles as crude prices rise(p.87)
- • Identify emerging market trends and introduce innovative vehicles to meet customer needs(p.123)
- • Expansion of sales and service network from 1,282 outlets in 2021 to 1,377 in 2024(p.123)
- • Achieved strong profitability with return on net worth of 56.82% in FY2024(p.124)
- • India's SUV segment growing at 23% CAGR with SUVs expected to reach 57.9% of total PV sales by FY29(p.154)
- • EV market projected to grow to 17-20% penetration by FY29 from 2.3% in FY24(p.164)
- • India's GDP growth projected at 6.8-7% CAGR through FY29 with strong domestic demand drivers(p.141)
- • Car penetration in India at only 26 cars per 1,000 people vs 594 in US, indicating significant headroom(p.146)
- • Government incentives including PLI scheme and tax benefits for EV adoption(p.167)
- • Domestic PV industry projected to grow 4.5-6.5% CAGR to reach 5.2-5.7 million units by FY29(p.162)
- • CNG vehicle share projected to grow from 15% to 22-27% by FY29(p.164)
- • Export expansion through Talegaon plant as manufacturing hub(p.197)
- • Localization of EV supply chain and battery production(p.196)
- • EV infrastructure development and charging network expansion(p.196)
- • Rural and tier-2/3 market expansion opportunity(p.197)
- • Capacity expansion aligning with growing domestic market demand(p.196)
- • Government PLI scheme benefits for advanced automotive technology(p.220)
- • Brand strength and customer loyalty programs(p.197)
- • Growing EV market with battery assembly capability being developed(p.264)
- • Expansion through premium segment (Genesis brand)(p.252)
- • Leverage strong parent company financials and market position(p.257)
- • Strong export growth trajectory with CAGR of 7-9% expected through FY2029(p.337)
- • Rising consumer preference for premium and SUV vehicles enabling premiumization(p.335)
- • EV market expansion opportunity with existing EV offerings(p.335)
- • Scale-up of Talegaon Manufacturing Plant to increase capacity and geographic diversification(p.357)
- • Leverage India's trade agreements to boost overall export competitiveness(p.337)
Threats
- • Volatility in commodity prices (steel, aluminium) affecting manufacturing costs(p.41)
- • Risk from reduction or withdrawal of trade concessions under CEPA and FTA agreements(p.41)
- • Competition from Kia Corporation and Kia India (both within Hyundai Motor Group)(p.42)
- • Termination risk of Royalty Agreement with HMC(p.46)
- • Semiconductor supply chain vulnerabilities affecting production(p.44)
- • Regulatory risks from changes in automotive policies and emissions standards(p.38)
- • Intense competition from multiple domestic and multinational players(p.62)
- • Regulatory changes affecting vehicle taxation and emissions(p.73)
- • Foreign exchange fluctuation risk on imports and exports(p.58)
- • Geopolitical risks affecting supply chains and exports(p.85)
- • Dependence on HMC for export market access and strategy(p.46)
- • Raw material and component supply constraints(p.50)
- • Rising labor costs and unionization pressures(p.82)
- • Monsoon and weather-related operational disruptions(p.55)
- • Worsening economy and high unemployment reduce consumer discretionary spending on vehicles(p.87)
- • Volatile global crude oil prices (US$70-88/barrel) impact fuel costs and vehicle demand(p.87)
- • Tightening credit markets and RBI risk weight increases make auto loans expensive(p.88)
- • Rising inflation in India increases operational costs that may not be passable to customers(p.89)
- • Foreign investment restrictions limit ability to attract international capital(p.88)
- • Difficulty enforcing foreign judgments against company limits investor recourse(p.89)
- • Uncertainty in regulatory interpretation and evolving laws increase compliance costs(p.87)
- • GSM/ASM surveillance measures could restrict trading and lower share liquidity(p.90)
- • Geopolitical disruptions at Red Sea and Panama Canal increasing logistics costs(p.181)
- • Volatile commodity and input material prices impacting manufacturing costs(p.181)
- • Monsoon dependency affecting rural demand and agricultural output(p.180)
- • Rising interest rates impacting auto finance affordability and demand(p.180)
- • Intensifying competition from new entrants and existing OEMs expanding SUV portfolios(p.182)
- • Upcoming stricter emission norms (BS-VII by end of decade) requiring new investments(p.150)
- • Infrastructure bottlenecks and traffic congestion deterring personal vehicle purchases(p.180)
- • Electronic component supply chain disruptions(p.37)
- • Competitive intensity in Indian automotive industry(p.196)
- • Regulatory changes in emission and fuel efficiency standards(p.219)
- • EV market adoption uncertainty and infrastructure gaps(p.196)
- • Currency and commodity price volatility impact(p.207)
- • Labor unionization and potential work stoppages(p.76)
- • Government policy changes affecting automotive incentives(p.219)
- • Dependence on single major shareholder with 100% ownership(p.256)
- • Exposure to automotive industry cyclicality and market competition(p.263)
- • Regulatory compliance risks in data management(p.286)
- • Dividend sustainability concerns amid competitive pressures(p.69)
- • Intense competition in SUV and EV segments with market share volatility(p.339)
- • Volatile commodity prices and import duty pressures affecting cost structure(p.337)
- • Demand sensitivity to macroeconomic factors including crude oil prices, monsoon, and inflation(p.335)
- • Regulatory risks from evolving environmental and fiscal regulations(p.339)
- • Significant pricing pressure from competitors to stimulate demand(p.339)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hyundai Motor Company | Promoter Selling Shareholder | 100.00% | [●]% |
| Hyundai Motor Company (HMC) | Promoter | — | — |
| Hyundai Motor Company | Promoter | 100% | approximately 82.50% |
| Hyundai Motor Company | Promoter | — | — |
| Hyundai Motor Company | Promoter | 100% | — |
| Hyundai Motor Company | Promoter | 100.00% | — |
| Hyundai Motor Company, South Korea and its nominees | Holding Company/Promoter | 100% | — |
| Hyundai Motor Company (HMC) | Promoter | 100% | — |
| Hyundai Motor Company | Promoter Selling Shareholder | — | — |
Leadership
Unsoo Kim · Managing Director
Tarun Garg · Chief Operating Officer and Whole-time Director
Gopalakrishnan Chathapuram Sivaramakrishnan · Chief Manufacturing Officer and Whole-time Director
Wangdo Hur · Chief Financial Officer and Whole-time Director
Divya Venkat · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Hyundai Motor India IPO FAQs
What is the lot size of Hyundai Motor India IPO?
The minimum lot size of Hyundai Motor India IPO is 7 shares. One lot costs ₹13,720 at the cut-off price.
When does Hyundai Motor India IPO open and close?
Hyundai Motor India IPO opened for subscription on 15 Oct 2024 and closed on 17 Oct 2024.
What is the listing date of Hyundai Motor India IPO?
Hyundai Motor India IPO listed on 22 Oct 2024.