Mainstream (state-owned/funded) German media keeping an eye on the auto industry.
From Deutsche-Welle, October 18:
India is the world's third-largest auto market, set for further huge growth before the end of the decade. South Korean carmaker Hyundai is banking on a Bombay listing to solidify its market position.
What happened with Hyundai's India IPO?The South Korean auto giant Hyundai launched its initial public offering (IPO) on Tuesday, billed as India's biggest stock market debut, and was projected to be worth about $3.3 billion (€3.05 billion).
The first carmaker to go public in the South Asian country since Maruti Suzuki in 2003, Hyundai offered 142 million shares for sale, representing about 17.5% of the total shares of its Indian arm.
By the end of Thursday, the IPO was twice oversubscribed, drawing bids of $5.51 billion.
Reuters news agency cited unnamed sources linked to the listing as saying that Hyundai would price its shares at 1,960 rupees ($23.31, €21.49t), giving it a market valuation of $19 billion. That would value the Indian unit at about 40% of its Korean parent.
In a sign of the popularity of Hyundai's listing on the Bombay Stock Exchange, institutions, including foreign investors, bid nearly seven times the shares reserved for them.
Nearly $1 billion in shares were snapped up by institutional investors on Monday alone, including the government of Singapore and BlackRock, the giant US investment firm, which picked up stakes worth a total of $77.3 million.
Fidelity, meanwhile, bought shares worth $76.5 million and domestic mutual funds were allocated shares worth $340 million.
Hyundai India shares are expected to start trading on Tuesday (October 22).
Why has Hyundai launched an IPO in India?....
