Hyundai Motor India to go public

Hyundai Motor India is planning to go public in India, and sources have told ET that in two weeks, the automaker will file a draft Red Herring Prospectus with market regulator Sebi, thereby, initiating the process for an IPO. Provided the ongoing process goes well, listing of the Indian-arm of the South Korean car manufacturer would be the first IPO from an automobile company in decades since Maruti Suzuki shares got listed in 2003. Sanction of approval by SEBI is expected within 60-90 days of filing of DRHP, therefore, September or October could be the time for the Hyundai Motor India IPO to hit the market. The company mandated investment bankers—Citibank, Morgan Stanley, Kotak Mahindra, HSBC, and JPMorgan—for managing the IPO.