Hyundai Motor Group enters Indian stock market amid growing interest

[Anchor]

Hyundai Motor Group, the third largest conglomerate in South Korea, has entered the overseas stock market for the first time.

It has been listed on the Indian stock market, which has the largest population in the world, with 1.45 billion people.

Hyundai Motor India has been valued at 25 trillion won.

This accounts for about half of Hyundai's market capitalization in South Korea.

The offering price was set at around 32,000 won per share.

Reflecting local interest, the subscription last week recorded a competition rate of 2.39 to 1.

This is the largest corporate public offering in the history of the Indian stock market.

To find out why the Indian market is paying attention to our cars, we turn to our correspondent Jeong Yoon-seop in India.

[Report]

Mumbai is known as the economic capital of India.

Family customers are receiving consultations at a Hyundai dealership located in the heart of the city.

There is particularly high interest in the compact SUV that has been launched with local customization.

[Biwek Bilkare/Hyundai Car Buyer: "I want to go for SUV right now. So there are few cars which I prefer. 'Creta' is my first choice."]

India has the largest domestic market in the world.

South Korean finished cars maintain the second largest market share after Japanese cars.

[Ram Tapar/Representative of Hyundai Dealership in Mumbai, India: " Service network is very much plus point for Hyundai. We have all India good network services taking care. They don't have that much service points."]

Hyundai Motor India has been newly listed on the Indian stock exchange.

This is the first listing of an overseas subsidiary after 27 years of entering the Indian market.

Hyundai announced that it has secured 4.5 trillion won in funds based on the offering price.

[Chung Eui-sun/Chairman of Hyundai Motor Group: "I believe there will be many areas for cooperation in the future, as India's development in technology, IT, and other areas is rapid."]

Hyundai plans to increase its market share in India and use the region as an export base for the Middle East and Europe.

However, there are also significant challenges.

The atmosphere of stagnation in the Indian automotive industry continues, and there is also the global slowdown in electric vehicle demand that needs to be overcome.

Hyundai has stated that it will increase its support for social contribution activities related to environmental protection, healthcare, and talent development in India, taking this listing as an opportunity.

This is Jeong Yoon-seop from KBS News in Mumbai.