Hyundai Motor India Ltd (HMIL) is set to open its IPO (initial public offering) for public subscription tomorrow (i.e. 15th October 2024). The bidding for anchor investors opens on 14th October, and the brand’s maiden share sale will conclude on 17th October. Hyundai’s IPO, worth Rs 27,870 crore, has a fixed price band of Rs 1,865 – 1,960 per share. Ahead of the IPO release, the company revealed its intention to become the most “trusted” car brand in India, focusing on sales and profitability through volume products and dealer networks.
Currently, the South Korean automaker has a single electric offering in its Indian product portfolio – the Ioniq 5. In the coming years, the company aims to expand its EV model lineup with the introduction of four new models, starting with the Creta EV in early 2025. The Hyundai Creta EV will enter production towards the end of this year and will be Hyundai’s answer to the Tata Curvv EV, MG ZS EV, and the upcoming Maruti Suzuki eVX.
The Creta EV will be Hyundai’s first mass-market electric model. The electric SUV is likely to share its powertrain with the lower variants of the globally sold Kona EV, which is offered with a 45kWh battery pack and a front-mounted electric motor producing 138bhp and 255Nm of torque. Compared to the upcoming eVX and ZS EV, which come with 48kWh/60kWh and 50.3kWh battery packs, the Creta EV will have a relatively smaller battery capacity. Similar to the Kona EV, it will have a front-mounted charging port.
Hyundai’s next mass-market EV will be the Inster, which will challenge the Tata Punch EV and Citroen eC3. Codenamed HE1i, the Hyundai Inster EV is set to hit showrooms in the second half of 2026. It’s expected to be offered with two battery packs – a Standard 42kWh and a Long Range 147kWh, delivering WLTP-claimed ranges of 300km and 355km, respectively.
Rumor has it that the Hyundai Exter EV is also under consideration. In the premium EV segment, Hyundai is likely to introduce the Ioniq 6 electric sedan, which was showcased at the 2023 Auto Expo. Based on the brand’s E-GMP skateboard platform, the Hyundai Ioniq 6 could be offered with two battery options – 53kWh and 77kWh.
