Initial Performance and Market Reaction
's shares dropped nearly 5% on their debut, listing at 1,934 rupees against an issue price of 1,960 rupees, reflecting a tepid response from retail investors.
Despite being oversubscribed more than two-fold, the IPO saw limited retail participation, with concerns over pricing and valuation affecting investor sentiment.
Industry and Analyst Perspectives
Analysts have expressed concerns over Hyundai's valuation, which was set at 26 times its fiscal 2024 earnings, challenging the market leader 's P/E ratio.
Despite the initial setback, some brokerages see long-term value in Hyundai's stock, citing its SUV-centric portfolio and potential for growth in India's key market.