The stock listed at 1,934 rupees on India’s National Stock Exchange, compared to its issue price of 1,960 rupees , and was last trading down 2% at 1,920 rupees at 0431 GMT . Hyundai is India’s No. 2 carmaker with a 15% market share. Its record $3.3 billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred retail participation.
The two-biggest IPOs prior to Hyundai India – Life Insurance Corporation and Paytm parent One97 communications - both listed at a steep discount. While Hyundai’s market valuation is much smaller than Indian market leader Maruti Suzuki’s $48 billion, analysts have expressed concerns over the narrower gap when valued by their price-to-earnings ratios. The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the 29 times multiple for market leader Maruti.