- By Aditya Pratap Singh
- Tue, 22 Oct 2024 01:29 PM (IST)
- Source:JND
Hyundai Motor's share price plunged up to 6 per cent in intraday trade after it made a quiet debut in the market on Tuesday with the issue price falling further against Rs 1,960. The stock was listed at Rs 1,931, reflecting a 1.5 per cent discount against the issue price on the Bombay Stock Exchange. After listing the Hyundai Motors shares lost momentum and tanked further by 5.81 per cent to Rs 1,846. However, the share picked up a bit of momentum in afternoon trade and at around 1:09 pm, the automobile stock was trading at Rs 1,884.90, down 3.7 per cent.
The stock opened 1.32 per cent lower at Rs 1,934 on the NSE and later in the mid-day trading hours trade shares of the firm fell 5.88 per cent to Rs 1,844.65, meanwhile, it touched the intraday low at Rs 1,846.0 per share.
The company has a market cap of Rs 1,52,290.52 crore in the morning. In terms of traded volume, the firm traded 11.72 lakh shares on the BSE and 177.84 lakh shares on the NSE. In equity markets, benchmark indices gave up early gains and traded lower. The BSE Sensex fell 243.19 points to 80,962.92 and the NSE Nifty fell 74 points to 24,705.45.
Hyundai Motor India Ltd’s initial public offer was subscribed 2.37 times on the last day of bidding on Thursday, helped by institutional buyers. This was the largest IPO in the country, surpassing LIC’s initial Rs 21,000 crore share sale. 27,870 crore initial share sale price band was Rs 1,865-1,960.
The initial public offer (IPO) was entirely an offer for sale (OFS) of 14,21,94,700 equity shares of promoter Hyundai Motor Company (HMC), with no fresh issue component.
Investors did not show much interest in Hyundai Motors IPO
The initial public offering of Hyundai Motors India failed to attract investors while it was open for bidding between October 15 to October 17. The IPO only got a full subscription on the very last day of bidding. The quota reserved for retail investors subscribed only 50%, while the NII sector got a 60% bid. Meanwhile, the Qualified Institutional Buyers and employees quota oversubscribed.
The listing follows the prediction as most analysts predicted a cold debut of the Hyundai Motors Shares.
