Latham Advises on Hyundai Motor India’s US$3.3 Billion IPO
Latham & Watkins has advised Hyundai Motor India Ltd. on its US$3.3 billion initial public offering on the Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE). Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), Morgan Stanley India, and Kotak Mahindra Capital served as the book running lead managers for the IPO.
This transaction marks the largest initial public offering in India to date and the second largest IPO globally this year. It is also Hyundai Motors’ first listing of a unit outside of South Korea, with proceeds expected to enhance research and development for the automaker as part of its efforts to further improve market share in one of the world’s fastest growing auto markets.
The Latham team was led by Hong Kong partner Steve Kang, Singapore partner Rajiv Gupta, and Seoul counsel Diona Park, with associates Esha Goel, Bijun Huang, Jae Lee, and Chaitrika Bellana. Advice on US tax matters was provided by Chicago partner Rene de Vera and New York partner Jiyeon Lee-Lim, with associate Jay Khurana; and on regulatory matters by Boston counsel Joel Cavanaugh, with associate Ruchi Sharma.
ABOUT HYUNDAI MOTORS INDIA
Hyundai Motor India Limited (HMIL), is a wholly owned subsidiary of Hyundai Motor Company and operates with a network of 1,366 sales points and 1,550 service points across India. HMIL is India’s first smart mobility solutions provider and is a critical part of HMC’s global export hub, exporting to around 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific.
ABOUT LATHAM’S INDIA PRACTICE
With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi award-winning practice comprises more than 50 lawyers globally, and the team has advised on India-related matters with a combined value in excess of US$100 billion since 2018.