Hyundai Motor India IPO Prospects Dim in Gray Market Trading
- Premium in early Hyundai Motor India share trades plunges
- Sluggish India auto sales may cap listing gains for its shares
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India’s unregulated gray market is indicating that the excitement around Hyundai Motor India Ltd.’s $3.3 billion initial public offering — poised to be the country’s biggest ever — is cooling.
Shares of Hyundai Motor Co.’s unit traded Monday at a premium of just 60 rupees over 1,960 rupees ($23.30) apiece — the high end of its IPO price range — in the gray market, according to its participants. That’s versus a premium of as high as 1,000 rupees about two weeks ago, the traders said.