Mumbai/IBNS: Hyundai Motor India shares had a subdued debut on Tuesday (Oct. 22), listing at a 1.32 percent discount at Rs 1,934 on the NSE, compared to its IPO price of Rs 1,960.

Despite lukewarm interest from retail investors, the initial share sale saw overwhelming demand from Qualified Institutional Buyers (QIBs), with that segment being oversubscribed by nearly 700 percent, or 6.97 times.

Hyundai’s IPO, the largest in India’s history, faced notable volatility in its grey market premium (GMP).

After peaking at Rs 570 in late September, the GMP plummeted into negative territory last week.

By listing day, the shares were trading at a GMP of Rs 62, indicating a modest premium of nearly 3 percent.

On the BSE, Hyundai Motor India’s stock initially listed at Rs 1,931, a 1.47 percent drop from the issue price.

While it briefly recovered to Rs 1,968.80 (a 0.44 percent rise), the stock later fell again, trading at Rs 1,945.40, down 0.74 percent.

Hyundai Motor India’s market capitalization stood at Rs 1,51,352.03 crore on the NSE.

Its Rs 27,870 crore IPO surpassed LIC’s previous record, making it the largest ever in India, with a price band of Rs 1,865 to Rs 1,960 per share.

Established in 1996, Hyundai Motor India sells 13 models across various segments.