Modern stocks had a slow start on the stock market. After listing, its share price also fell. On Tuesday, Hyundai Motor India Share hit the market at a 1% discount. The passenger car manufacturing company was listed on the BSE at Rs 1,931, 1.48% lower than the issue price of Rs 1,960. Similarly, Hyundai Motor’s listing price on the NSE was Rs 1,934, 1.33% lower than the issue price.
After listing, Hyundai Motor’s share price was quoted at 1,865 rupees, down 4.80% as of 10.30 am. Retail investors have to invest Rs 13,720 to buy a batch of Hyundai Motors, retaining 7 shares. After listing, the share price fell by Rs 95. In this case, the investor who purchased a batch would have to bear a loss of Rs 665.
Hyundai Motor India Ltd’s stock listing was in line with expectations. Before the listing, Hyundai IPO had stated that it would be listed smoothly in the gray market. It has even been seen trading at a discount for some time. However, before that, it said a premium of Rs 20-25 per share.
Modern IPO price range
Chennai-based Hyundai Motor India’s price range is Rs 1,865-1,960 per share. Investors can apply for at least seven shares and then apply for multiples of that. This is entirely an offer for sale (OFS) of 14,21,94,700 shares from its North Korean parent Hyundai Motor Company. OFS refers to the issuance of shares by a company through promoters.
The largest IPO in the Indian market
This is the largest IPO in the Indian stock market and opened on October 15. The IPO size is 27,870.16 billion rupees. Earlier, government insurance company LIC launched the largest IPO. LIC IPO size is Rs 21,000 crore. Through the issue, Hyundai Motor India sold 142,194,700 equity shares of face value Rs 10.
Who subscribes to how many?
The allotment share for retail investors is 0.50 times, while the portion reserved for non-institutional investors (NII) is 0.60 times. Staff allocation was booked 1.74 times. However, qualified institutional bidders (QIBs) subscribed 6.97 times.