Shares of Hyundai Motor jump as it files for India unit IPO worth $3 billion
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Shares of Hyundai Motor, South Korea's leading carmaker, jumped here on Monday as it confirmed that its India unit has filed for an initial public offering (IPO) to raise around $3 billion (Rs 25,000 crore). Hyundai Motor surged 6.34 per cent to 285,000 won (US$206) shortly after opening on the South Korean exchange, marking a fresh 52-week peak. The stock pared early gains to 279,000 won as of 10:30 a.m. (South Korean time), reports Yonhap news agency. Earlier in the day, Hyundai Motor said in a regulatory filing that its India unit submitted IPO documents to an Indian regulator. Hyundai Motor said that a listing of its India unit will be determined after India's regulatory body reviews, without elaborating further.Hyundai Motor India filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO."The objects of the offer are to carry out the Offer for Sale of up to 142,194,70...