Mumbai/IBNS: Hyundai Motor India’s shares saw a rise of up to 6 percent on Wednesday (Oct. 23), a day after their discounted debut on the NSE and BSE.

The stock reached an intraday high of Rs 1,928.90 on the NSE before pulling back slightly to Rs 1,873.9, up by 2.9 percent as of 11:30 am on Oct. 23.

The company’s market capitalization stands at Rs 1,52,270.20 crore.

On its listing day, Hyundai Motor India’s shares opened at Rs 1,934, marking a 1.32 percent decline from the issue price of Rs 1,960.

The stock further slipped to close at Rs 1,819.60, a drop of 5.9 percent from the listing price.

Following the listing, Hyundai Motor Group’s Executive Chair, Euisun Chung, emphasized that the public offering underscores the company’s commitment to India.

Chung stated, “The IPO reflects HMIL’s significant presence in India and our dedication to this great nation, ensuring growth for both our shareholders and the company.”

Unsoo Kim, Managing Director of Hyundai Motor India, noted that the IPO was a step toward further localizing their operations.

Kim said, "We aim to become a household name in India. While the IPO is a milestone, it is just the beginning. We will focus on delivering top-quality products and services, enhancing shareholder value, and supporting India’s sustainable growth through continued investments."

The Hyundai Motor India IPO, priced between Rs 1,865 and Rs 1,960 per share, was 2.37 times oversubscribed, driven by strong institutional investor interest.

This IPO marks the first public offering by an automaker in over two decades, since Maruti Suzuki’s listing in 2003.

The IPO consisted entirely of an offer for sale (OFS) of 14,21,94,700 shares by the parent company, Hyundai Motor Company (HMC), with no new shares issued.