Hyundai's India debut faced challenges, falling nearly five percent from its issue price despite being the largest IPO in the country, highlighting concerns over valuations and market sentiment.
Euisun Chung, Hyundai Motor Group executive chair, emphasized the company's long-standing commitment to India, stating, "From the beginning, we knew that India was the future...Today's IPO demonstrates our commitment to this great nation."
Despite oversubscription, retail investors bought only half of their reserved shares, with analysts expressing concerns over the high valuation and potential limits on listing gains.
Analysts pointed out the decline in urban consumer sentiment as a significant worry, noting that retail vehicle sales fell over nine percent in September, and inventory levels remain critically high.
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