INDIAN IPO Hyundai said proceeds from the public listing of its India unit would primarily be invested to bolster its competitiveness in the Indian market. It added it would communicate its shareholder return policy in South Korea this year after reviewing its investment plans. Some analysts said its stock price decline on Thursday reflected disappointment about the lack of a shareholder return policy following the Indian IPO. Hyundai Motor India shares also fell 7.2% on their market debut on Tuesday after retail investors gave a lukewarm reception to the country's biggest initial public offering (IPO) amid concerns about lofty valuations and an industry slowdown. Hyundai said its new U.S. factory in Georgia will increase output gradually since it started production early this month, adding that EVs to be made at the factory will be eligible for U.S. federal tax credits.