Key Points
- Hyundai shares debuted at Rs 1,934, 1.32% beneath IPO.
- IPO was oversubscribed by 237%, predominantly by QIBs.
- Grey market premium oscillated significantly before listing.
- Current stock exchanges hands at Rs 1,862.70, down 3.69%.
- Emkay articulates target price at Rs 1,750, urging caution.
Looma News
Hyundai Motor India shares launched on the NSE at Rs 1,934, marking a 1.32% discount to the IPO price of Rs 1,960. The company’s IPO was the largest in India’s history.
Qualified Institutional Buyers (QIBs) displayed vigorous demand, their segment oversubscribed by 237%, helping stabilize the overall subscription.
Hyundai’s grey market premium (GMP) danced through significant volatility. It peaked at Rs 570 in late September but plummeted into negative territory last week. On listing day, the GMP hovered around Rs 62, signaling nearly a 3% premium.
The stock premiered at Rs 1,931 on the BSE. It initially dipped by 1.47% but later ascended to Rs 1,968.80. Ultimately, it retreated to Rs 1,945.40. As of 10:25 AM, shares lingered at Rs 1,862.70, reflecting a 3.69% decline.
Hyundai Motor India ignited operations in 1996, offering 13 models across various segments. Emkay Institutional Equities commenced coverage with a REDUCE call, targeting a price of Rs 1,750.
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Disclaimer: Investment views expressed are not of Looma News. Users should consult certified experts before investing.
