Today marks the opening of India’s Largest IPO Hyundai. But Hyundai’s shares had a disappointing debut on the stock exchanges today. On the National Stock Exchange (NSE), the stock opened at ₹1,934 per share. It was reflecting a 1.3% decline from the issue price. Similarly, on the Bombay Stock Exchange (BSE), Hyundai shares commenced trading at ₹1,931 apiece. It marked a 1.48% drop from the issue price. This underwhelming performance indicates cautious market sentiment surrounding the automotive giant’s initial public offering.
Latest updates say that the stocks were trading at ₹1,860.25 per share on NSE. Marking a 3.81% decrease at 10:21 IST, and at ₹1,866.65 per share on BSE, showing a 4.76% decline.
#WATCH | Mumbai: Hyundai Motor India Limited gets listed on the National Stock Exchange (NSE). pic.twitter.com/xwv5CzzZzT
— ANI (@ANI) October 22, 2024
Origin Of The Hyundai IPO
The company expected that the equity share’s listing will enhance its visibility and brand image. And will also providing liquidity and a public market for its shares.
The IPO of Hyundai Motor India, launched on October 15, 2024 was generating significant buzz ahead of its listing. All the IPO allotment process were completed on October 18. According to brokerage Master Capital Services, the company is well-positioned in the Indian passenger vehicle market, which has contributed to investor interest.
As of October 21, Hyundai Motor India’s shares were trading at a grey market premium of ₹75, representing a 3.8% increase over the original price band. which suggests that the shares could list at approximately ₹2,035 when they debut today. The disappointment comes as cautious step from the investors and traders.
Investors and market analysts are closely watching given Hyundai’s strong market presence and growth potential in the competitive automotive sector for future reference
