Reflecting the lack of demand for Hyundai Motor India's IPO, the company's shares are currently available at a discounted rate compared to the issue price. The grey market premium (GMP) is at Rs 1,903, indicating a -3% premium over the issue price of Rs 1,960.If current trends continue, the stock is expected to experience a negative listing when it debuts on the bourses on October 22. The share allotment for the IPO will be finalized today.However, it is important to note that grey market premiums are merely indicators of how the company's shares are positioned in the unlisted market and can change rapidly.The Rs 27,870 crore IPO, which is India's largest public offering to date, barely made it through the final stages of the bidding process, thanks to strong demand from non-institutional investors. Both the retail and non-institutional investor categories of the issue were undersubscribed.There is a near consensus among analysts that subscribing to Hyundai's IPO will be a strong move for long-term investors in the growing passenger vehicle market, as consumers increasingly prefer larger and more premium cars. As many as 10 analysts have recommended that investors subscribe to the IPO for the long term.However, the premium price-to-earnings (P/E) valuation of 26x its FY25 earnings suggests that short-term investors may face disappointment, given the current GMP and valuation discussions.Hyundai has historically maintained a stable share market presence in India and enjoys strong loyalty among Indian consumers, thanks to its smooth and affordable after-sales service. With research and development support from Korea and an automated factory in Chennai, the company has optimized its operations while expanding its distribution network.Additionally, the automaker plans to gradually become a significant player in the electric vehicle (EV) segment."We believe the company can take advantage of the PV market in India with its diverse offerings. We have a Subscribe for long-term rating for the issue," said Arihant Capital.The issue was completely an offer for sale (OFS) of 14.2 crore shares, offloaded by the company's parent Hyundai Motor Global. Since the IPO was an OFS, all the proceeds will go to the selling shareholder.Even though the proceeds from the IPO will go to the parent company, the management said funds will be used for research and development and new innovative offerings.