India39;s largest ever share sale, world39;s second biggest of 2024
Employees bid for fourfifths of shares reserved for them on day 1
Hyundai India would be valued at 19 bln at top of range

Oct 15 Reuters Hyundai Motor India39;s 3.3 billion IPO was 18 subscribed on the first day of bidding on Tuesday, led by employees who placed orders for fourfifths of the shares reserved for them in the country39;s largest share sale yet.

The threeday share sale, the first by an automaker in India in two decades, ends on Thursday. Prior to the open bidding process, institutional investors including BlackRock and Fidelity on Monday snapped up shares worth 989.4 million as part of the offering.

The initial public offering IPO marks Hyundai Motor39;s first such listing outside South Korea and comes at a time when companies are rushing to go public in an Indian equities market that has risen to record highs.

Over 260 companies in India have raised more than 9 billion through IPOs so far this year, according to LSEG data. That39;s already higher than the 7.42 billion raised during the same period last year.

The share sale is the world39;s secondlargest IPO this year following Lineage Inc39;s 5.1 billion U.S. flotation in July.

Employees of Hyundai India bid for 80 of the 778,400 shares reserved for them, exchange data showed.

The company had offered a discount of 186 rupees per share to eligible employees in the IPO, which was priced at 1,8651,960 rupees per share, months after…