By M. Sriram and Aditi Shah
NEW DELHI (Reuters) – Hyundai Motor has appointed investment bankers JPMorgan and Citi to advise on its at least $3 billion India IPO, accelerating listing plans in the world’s third-largest auto market, sources with direct knowledge said.
The company has plans to file regulatory papers in India by May to June for an approval, said two of the three sources, all of whom declined to be named as the talks are private.
JPMorgan, Citi and Hyundai’s Indian unit declined to comment. An email to the automaker in South Korea went unanswered outside regular business hours.
Hyundai, the second-biggest automaker in India with a 15% market share, is in the initial stages of considering an India IPO that would value its local operation at up to $30 billion, Reuters reported this week. The IPO could be India’s largest.
The South Korean automaker said on Wednesday that the listing has not been decided, and that it would comment on the matter when the plan becomes finalised or within a month.
(Reporting by M. Sriram and Aditi Shah; Editing by Aditya Kalra and Jan Harvey)
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