Shares of Hyundai Motor India fell by 5% during their market debut, closing at 1,860 rupees (around US$22) on the National Stock Exchange.

This was below the initial offering price of 1,960 rupees. The decline followed a lukewarm response from retail investors.

Even though the company’s US$3.3 billion IPO was largely backed by institutional investors, retail participation was muted.

Hyundai aimed for a valuation of US$19 billion through its IPO, positioning itself as the second-largest automaker in India with a 15% market share.