Stock hits new high in Korea on IPO plan – Times of India

Plans for what may be one of India’s largest-ever IPOs boosted Hyundai Motor’s stock to a record high in South Korea. The company is selling a 17.5% stake in Hyundai Motor India, according to its draft red herring prospectus. Shares of Hyundai – which will collect all of the proceeds from the IPO of its local unit – rose 4% on Monday in Seoul. Hyundai is seeking to raise about $2.5 billion in the IPO, with a potential listing planned by the end of the year.Shares of Maruti’s parent Suzuki fell 3.6% in Tokyo, while Indian markets were closed.