By (Reuters) -Hyundai Motor India’s $3.3 billion IPO opened for bids on Tuesday, aiming for a valuation of up to $19 billion in India’s largest share sale yet.
The company, India’s No. 2 carmaker behind Maruti Suzuki, is offering shares in a range of 1,865 rupees to 1,960 rupees ($22 to $23) apiece.
Here are some facts about Hyundai (OTC:HYMTF)’s India operations.
* Hyundai set up its India operations in 1996, starting with the Santro hatchback, once its most sold car.
* Hyundai currently has a roughly 15% share of India’s car market. It sold 614,721 cars in India and exported 163,155 in the year to March 2024.
* Hyundai has one factory outside of Chennai in southern Tamil Nadu state, also dubbed the Detroit of Asia. The factory has a capacity of 824,000 vehicles per year and is running at a utilisation rate of 94%, leaving little room for growth that would help compete with Maruti Suzuki.
* Hyundai aims to reach production of about one million vehicles a year with the acquisition of a former General Motors (NYSE:GM) plant in western Maharashtra state. The plant is expected to start operations only by the second half of the year to March 2026.
* Hyundai has 1,377 dealers across India.
* In India, the carmaker sells 13 models, with the Creta and Venue sport-utility vehicles as well as the Grand i10 Nios hatchback among its most popular.
* Hyundai’s current factory is also a key export hub, manufacturing cars that are shipped to South Africa, the Middle East as well as Latin America.