Hyundai India IPO gets SEBI nod

New Delhi: Hyundai Motor India has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), marking the first such move by a carmaker in India in two decades.

The South Korean automaker aims to raise a substantial $3 billion at a valuation of approximately $20 billion, according to sources familiar with the matter. This development would make Hyundai India the first car company to go public in the Indian market since Maruti Suzuki's IPO in 2003.

Hyundai India has not yet issued a statement regarding the SEBI approval.

The automaker is actively working to expand its SUV lineup in India, aiming to regain market share from domestic competitors like Tata Motors. Hyundai plans to introduce its inaugural India-made electric vehicle early next year, followed by at least two gasoline-powered models specifically designed for the Indian market starting in 2026.

India is a significant market for Hyundai, ranking as the third-largest revenue generator globally for the automaker after the United States and South Korea. The company has already invested $5 billion in India and has committed to investing an additional $4 billion over the next decade.

Meanwhile, SEBI has also granted approval for the IPO of Swiggy, a food delivery giant backed by SoftBank. Swiggy is seeking a valuation of around $15 billion and aims to raise between $1 and $1.2 billion.