Why did India's biggest-ever IPO by Hyundai struggle to attract investors?

Hyundai Motor's over ₹27,000-crore IPO, India's biggest-ever, was fully subscribed on day 3 on Thursday amid weak market sentiment and underperformance of Indian equities. Before IPO, Hyundai's grey market premium crashed to ₹38, down from ₹570 two weeks ago. "Shares were priced at hefty valuation, leaving very little on the table for investors," an expert said on ₹1,865-₹1,960/share price range.