India’s unregulated gray market is indicating that the excitement around Hyundai Motor India Ltd.’s $3.3 billion initial public offering — poised to be the country’s biggest ever — is cooling.

Hyundai Motor India IPO opened on October 15, with an 18% subscription rate. The company aims to raise ₹27,870 Cr through an Offer for Sale. Experts warn of overpriced valuations and advise investors to consider long-term prospects amidst market fluctuations.

Six of the top ten largest IPOs in India's history had negative returns on the day of listing, and seven of them were still losing money a year later. In May 2022, LIC IPO resulted in an 8% loss on listing day.