Hyundai India's mega IPO set to overhaul D-Street records

The IPO market is buzzing with companies making a beeline. A new offer is ready to knock on investors' doors, except this is a big one. Probably, the biggest India has ever seen. Hyundai Motor India has filed its DRHP with market regulator SEBI for what is seen as the country's largest IPO after LIC's Rs 21,000 crore float. The automobile giant is rumoured to raise around Rs 25,000 crore in the IPO, which will see its South Korean parent Hyundai Motor Corp (HMC) offloading around 14 crore shares or 17.5 per cent of its stake. With such a record-breaking D-street debut on its way, we decided to take a look at Hyundai's business model and what lies ahead of it. The business Hyundai India is the country's second-largest automaker by volume, just behind market leader Maruti Suzuki . It has held this spot since FY09. The company manufactures and sells four-wheelers under the brand Hyundai. It currently has a portfolio of 13 models across multiple passenger vehicle segments. The company contributed 18.2 per cent to its parent's total sales volume in 2023. It currently has one plant in the country located near Chennai, which had a total capacity of 8.2 lakh units as of March 2024. This is also the company's first integrated manufacturing plant outside South Korea. It recently acquired another manufacturing plant in Maharashtra from General Motors, which is expected to commission by the second half of FY26. A snapshot of Hyundai India's financials Financials (Rs cr) 9MFY24 FY23 FY22 FY21 Revenue 52,158 60,308 47,378 40,972 Operating profit 4,961 5,359 3,317 2,272 Operating margin (%) 9.5 8.9 7.0 5.5 Net profit 4,383 4,709 2,902 1,881 ROCE (%) 27.2 28.8 20.4 15.4 Cash from operations 4,558 6,5