The Initial Public Offering (IPO) of Hyundai Motor India Limited, the Indian subsidiary of the South Korean automaker Hyundai, was fully subscribed on the third and final day of bidding. The ₹27,870 crore IPO received bids for 14,07,68,187 shares against the 9,97,69,810 shares available, resulting in a subscription rate of 1.41 times, according to NSE data as of 13:21 hours.

The quota for Qualified Institutional Buyers (QIBs) was 3.88 times the subscription while the portion meant for Retail Individual Investors (RIIs) received 44% of the subscription. The non-institutional investors part fetched 39% subscription. Hyundai Motor India Limited (HMIL) on Monday raised ₹8,315 crore from anchor investors.

This is the largest IPO in the country, surpassing LIC's initial share sale of ₹21,000 crore. The IPO has a price band of ₹1,865-1,960 per share. The IPO is entirely an offer for sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company (HMC), with no fresh issue component.

This marks the first IPO by an automaker in more than two decades, the last being Japanese carmaker Maruti Suzuki's listing in 2003. Since the public offering is entirely an Offer for Sale (OFS), Hyundai Motor India Limited, the second-largest carmaker in India after Maruti Suzuki, will not receive any funds from the IPO.

HMIL stated that it expects that the listing of the equity shares will enhance its visibility and brand image and provide liquidity and a public market for the shares.

At the upper end of the price band, the IPO size has been pegged at ₹27,870 crore ($3.3 billion) and the company's market valuation at around ₹1.6 lakh crore (about $19 billion) post-issue.

Hyundai Motor India Limited (HMIL) began its operations in India in 1996 and currently offers 13 models across various segments. The book-running lead managers for the IPO are Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Ltd, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, and Morgan Stanley India Company Private Limited.