Hyundai Motor India has received approval for its initial public offering from the Securities and Exchange Board of India, as reported by two sources familiar with the matter. The South Korean automaker aims to raise $3 billion, targeting a valuation of approximately $20 billion, according to earlier reports by Reuters.
This would mark the first time in two decades that a carmaker has gone public in India, following Maruti Suzuki’s IPO in 2003. Hyundai India did not provide a comment when contacted after business hours.
The automaker aims to regain market share from strong domestic competitors like Tata Motors by broadening its SUV offerings.
The company intends to unveil its first locally produced electric vehicle early next year and will introduce at least two gasoline-powered models designed for the Indian market starting in 2026, according to three sources familiar with the company’s plans who spoke to Reuters.
India ranks as Hyundai’s third-largest revenue market globally, following the U.S. and South Korea. The company has already invested $5 billion in the country and plans to invest an additional $4 billion over the next ten years.
In a separate development, SEBI has also approved the IPO of Swiggy, the SoftBank-backed food delivery giant, which is seeking a valuation of approximately $15 billion and aims to raise between $1 billion and $1.2 billion, according to multiple sources familiar with the situation.