Shares of Hyundai Motor India Limited (HMIL) declined over 3 per cent post-listing.

Shares opened at ₹1,934 on the National Stock Exchange (NSE), a 1.3% discount to the issue price of ₹1,960. By the close of trading, the stock had fallen further to ₹1,845, down 4.6%.

On the Bombay Stock Exchange (BSE), the shares opened at ₹1,931 per share.

The ₹27,870 crore initial public offering (IPO), the largest in India’s history, had received a lukewarm response during its three-day subscription period. The issue was undersubscribed at 0.45 times overall, with only the employee portion showing strong interest at 1.43 times subscription.

“We believe HMIL deserves to trade at a premium PE multiple versus peers due to its favourable portfolio mix and premium positioning,” said Macquarie in its initiation report, setting a target price of ₹2,235, suggesting a 14 per cent upside from the issue price.

The listing marks a significant milestone as the first automaker IPO in two decades since Maruti Suzuki’s 2003 debut. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, had earlier noted, “Hyundai, with the second-largest market share in India’s passenger vehicle segment and ranking fourth globally, is poised for success.”

Trading under the symbol ‘HYUNDAI’ on NSE and code 544274 on BSE, the company’s shares are categorised under the ‘A’ group with a face value of ₹10. The minimum trading lot is set at 7 shares.

Macquarie’s analysis highlights potential medium-term positives including powertrain optionality, parent capabilities, and possible market share gains from new model launches.

As at 10.33 am on the NSE, the buy quantity stood at 17,34,284 shares, while the sell quantity was significantly higher at 29,07,870 shares.

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