Mumbai, Oct 17 (IANS): Hyundai Motor India Ltd's initial public offering has been subscribed 2.34 times till 4 p.m. on its third and last day on Thursday as the qualified institutional buyers (QIB) portion in the IPO was subscribed nearly 7 times.

According to the latest data (provisional), the reserve portion for the QIB was subscribed 6.94 times, non-Institutional Investors (NII) subscribed 0.57 times, and retail investors subscribed 0.48 times.

The IPO was subscribed 42 per cent on its second day and 18 per cent on the first day. The IPO price band was fixed at Rs 1,865-Rs 1,960 per share.

This IPO is a pure offer for sale (OFS). It is the first offer from an automaker to list in India in over two decades. Due to being OFS, the entire proceeds will go to the promoter.

Ahead of the public issue, Hyundai Motor India raised Rs 8,315 crore from anchor investors on Monday. It allotted 4.24 crore shares at Rs 1,960 apiece to 225 anchor investors, according to a company statement.

Hyundai Motor India held a 14.6 per cent market share in the domestic passenger vehicle (PV) market in Q1 FY25, second to Maruti Suzuki which has a 41 per cent share in this category. However, Hyundai Motor India is the market leader by volume in the mid-size SUV segment with around 38 per cent share as on June’24. It is also India’s second-largest exporter of PV from April 2021 to June 2024.

In FY 2023-24, Hyundai Motor India sold 7.77 lakh vehicles, of which 21 per cent was exported to countries like Africa, the Middle East, Europe and Latin America. The company has 1,366 sales points and 1,550 service outlets in India. Its revenue in the last financial year was Rs 69,829 crore. During this period, the company made a profit of Rs 6,060 crore and Its margin was around 13 per cent. Hyundai Motor India's revenue in the Q1 of FY 2024-25 was Rs 17,344 crore. From April to September, the company made a profit of Rs 1,489 crore and its margin was 13.5 per cent.