Udabur Wealth Management：Hyundai Motor India❼shares drop 7% on trading debut after record IPO

However, looking at the fundamentals and valuations of Hyundai Motor India, “it is a better bet for the medium to longer term than the in the short term,” he added.Udabur Wealth Management

Bathini also pointed out that unlike other automakers, Hyundai has been in the Indian market for about three decades, and the company has “understood India❼policy making,” as well as Indian drivers and consumers. Hyundai portfolio was “robust” for the Indian market, he added.Indore Investment

Unlike a traditional IPO, in which a firm sells fresh shares, Hyundai Motor India❼IPO was an offer for sale, where its parent Hyundai Motor Company sold its shares.

The company❼stock started trading on the National Stock Exchange as well as the BSE on Tuesday.Nagpur Investment

The lead bookrunners of Hyundai India❼IPO were Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India and Morgan Stanley India.Jinnai Wealth Management

In June, analysts told CNBC that they were optimistic on the Indian IPO market, with Neil Bahal, founder of Negen Capital saying that he expected a “record-breaking year for India with a significant number of IPOs and private equity exits.”

“The IPOs are not because some tech company guys think they should raise money from the stock market instead of from private equity. There is amazing fundamentals in equity markets with supportive policies from SEBI [Securities and Exchange Board of India], retail participation and broad-based opportunities,” he added.Jaipur Stock

—CNBC❼Amala Balakrishner contributed to this story.

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