Tarun Garg: Hyundai To Lead India's Transition To Electric Vehicles

Hyundai Motor India has launched its massive ₹27,856 crore initial public offering (IPO) on October 15, 2024, marking India's largest-ever IPO. The company, a key player in the passenger vehicles market and part of South Korea's Hyundai Motor Group, is offering shares priced between ₹1,865 and ₹1,960 each, with a minimum application of seven equity shares. This IPO, open for subscription until October 17, 2024, is an offer for sale by Hyundai Motor Company, offloading up to 14.21 crore equity shares, with no proceeds going to Hyundai Motor India itself. The company's projected market capitalization stands at ₹1.59 lakh crore.Hyundai Motor India raised ₹8,315.3 crore from 225 anchor investors, including prominent names like Singapore’s GIC, Fidelity, and Blackrock, through the allocation of 42.4 million shares at ₹1,960 apiece.Tarun Garg, COO of Hyundai Motor India, highlighted the company's comprehensive strategy to lead India's electric vehicle (EV) transformation. Hyundai is focusing on localizing battery packs, collaborating with Indian partners for LFP cell manufacturing, and establishing a robust EV supply chain in India. The company is also enhancing EV infrastructure by partnering with ChargeZone, Tamil Nadu government, and private operators to build fast charging stations, with plans for 100 fast chargers at dealerships and more across highways. Hyundai aims to play a pivotal role in India's electrification journey, supported by its strong localization efforts and government incentives, positioning itself for fast growth in the EV segment.