Hyundai Motor India's IPO subscription rate exceeds 200%...There's a lot of engines.

Hyundai Motor India's share allocation subscription for its initial public offering (IPO) exceeded 200% amid keen interest from institutional investors.

According to Bloomberg News on the 18th, all stocks were sold out in the stock allocation subscription for listing Hyundai Motor's Indian subsidiary held from the 15th to the 17th.

The subscription rate was only around 40% for the second day because individual investors were not active, but institutional investors have since jumped in large numbers.

Foreigners and local asset managers had more than six times the amount allocated, but individual investors had a subscription rate of less than 50%.

With the public offering price set at the top of the expected price, Hyundai Motor's India unit is valued at about $19 billion (W26 trillion) and raised $3.3 billion (W4.5 trillion).

The stock trading starts on the 22nd.

"The stock was set fairly high, so it was unlikely that individual investors who wanted to realize gains quickly would participate," said Asta Jain, an analyst at Hem Securities.