Retail investors showed little interest, institutional buyers oversubscribed their portion nearly 7 times.
The stock's grey market premium (GMP), which had reached ₹570 in September, fell to ₹62 by the listing day, indicating reduced enthusiasm.
After listing, the stock briefly rose to ₹1,968.80 before falling to ₹1,862.70, 3.69% below the IPO price.
Hyundai’s IPO, the largest in India's history at ₹27,870 crore, surpassed LIC’s previous record.
However, analysts from Emkay gave a "REDUCE" call, preferring Maruti Suzuki over Hyundai due to its more diversified product range and better growth prospects.