KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Hyundai India has kicked off its US$3.3 billion initial public offering (IPO) in Mumbai, marking India's largest-ever share sale and the world's second-largest IPO of 2024. This major deal reflects the ongoing strength of India's capital markets, which have seen 260 companies raise more than US$9 billion so far this year, surpassing the total raised in 2023, according to LSEG data.
The IPO will see Hyundai Motor's South Korean parent company sell up to 17.5% of its stake in its wholly-owned Indian subsidiary, valuing Hyundai India at up to US$19 billion. This sale will account for about 40% of Hyundai Motor's market capitalization. Notably, no new shares will be issued as part of the offering.
The share price is set between 1,865 to 1,960 rupees, with institutions bidding starting Monday and retail investors placing orders on Tuesday and Wednesday. The stock is scheduled to begin trading on Oct 22 in Mumbai, marking Hyundai's first listing outside of South Korea.
Analysts believe the funds raised will help Hyundai Motor expand production in India, with a focus on hybrid and electric vehicles. This move is expected to strengthen Hyundai’s position against India's top automaker, Maruti Suzuki, as the country emphasizes environmentally friendly vehicles.
Hyundai India's IPO is set to surpass the previous record held by Life Insurance Corporation of India's US$2.5 billion IPO in 2022, and will rank second globally this year, following Lineage Inc's US$5.1 billion US IPO in July.
As India's second-largest automaker, Hyundai is positioning itself to take market share from domestic competitors through an expanded lineup of sport utility vehicles and the launch of its first India-made electric vehicle in early 2025, with further model introductions planned for 2026.
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