White & Case advises on Hyundai Motor India Limited’s record-breaking IPO

Global law firm White & Case LLP has advised the book running lead managers on the Rule 144A and Regulation S initial public offering (IPO) of Hyundai Motor India Limited on the Bombay Stock Exchange and the National Stock Exchange of India.

"The White & Case team advised on a pivotal event in the global automotive industry, a landmark transaction which will not only reinforce Hyundai's market position but also highlight India's growing significance in the global automotive landscape," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "This highly anticipated IPO – the largest in Indian history, the world's second-largest IPO in 2024 to date and Hyundai Motor's first listing outside Korea – is a significant milestone for Hyundai and a strategic move which underlines India's critical role as a growth market for the company, where it operates two manufacturing units and has already invested US$5 billion."

On October 8, 2024, Hyundai Motor India Limited filed its red herring prospectus. The IPO involved the South Korean parent company selling a 17.5 percent stake in Hyundai Motor India Limited. The offer size is INR 278.6 billion with an offer price of INR 1,960 per share and a market capitalization of nearly INR 1.6 trillion.

Hyundai Motor India Limited is part of the Hyundai Motor Group, the world's third largest auto original equipment manufacturer (OEM) by passenger vehicle sales in the calendar year 2023. Hyundai Motor India Limited is the second largest auto OEM in the Indian passenger vehicles market in the financial years 2022, 2023, 2024 and the three months that ended on June 30, 2024, and also since the financial year 2009 in terms of domestic sales volumes. It has been India's second largest passenger vehicles exporter since the financial year 2022 through June 30, 2024.

The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partners Dongho Lee (Seoul) and Steven Gee (New York), local partners James Hsiao (Hong Kong) and Kyle Oh (Seoul) and associates Ji Yang Lim, Rachna Talati, Stephanie Zhao (all Singapore), Royston Tan, Yuning Zhou (both Hong Kong) and Nir Fishbien (New York).

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