India’s IPO Frenzy Cools With Tepid Open for Hyundai

India’s biggest-ever IPO proved to be just beyond what the red-hot equity market could digest as Hyundai Motor India’s shares fell as much as 5.9% in their Mumbai debut. The $3.3 billion offering’s struggles out of the gate showed the limits of India’s investor frenzy and echoed the performance of recent mega IPOs like LIC and One 97 Communications — in sharp contrast to the 39% average pop for new listings this year. In a bright counterpoint during this blockbuster week for Asian IPOs, Tokyo Metro showed that Japanese retail investors still have strong appetite as the country’s biggest listing since Softbank in 2018 was more than 15 times oversubscribed. And even battered Hong Kong got a slice of sunshine: the IPO for Horizon Robotics, a Chinese provider of software and hardware used in autonomous driving systems, priced at the top of its range.

HSBC is reshaping itself as part of a sweeping plan by its new chief executive, Georges Elhedery, to cut costs. The lender will combine its global commercial and institutional banking operations and create a new wealth and premier banking business. It also announced a new regional structure, with a split between East and West, while reducing the number of executives on the key operating committee to 12 from 18. Pam Kaur was named CFO, the first woman to rise to the post in HSBC’s 159-year history. What remains unclear is how the changes will impact headcount and the cost of the restructuring.