Hyundai India GMP down to just 3% over issue price as IPO opens tomorrow
The initial public offer (IPO) of Hyundai India will open for subscription tomorrow and investors can bid for the issue till October 17. Ahead of the issue opening, the company’s shares are trading with a GMP of Rs 60 in the unlisted market.
Considering the upper price band of Rs 1960, this is a premium of marginal 3% over the issue price. This is a sharp fall from a premium of Rs 570 two weeks ago when the shares started trading in the unlisted market.
However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO will see the Korean parent Hyundai Motor Global offloading 14.2 crore shares of just over 17%…
