Overview

• Indian investment banks have held multiple meetings at Toyota’s Tokyo headquarters to pitch a local listing, according to people familiar with the talks.
• Sources say the proposed offering would raise about $700–800 million through an IPO of Toyota Kirloskar Motor in India.
• A company spokesperson formally rejected the idea of an IPO, and reporting notes that no formal listing process has begun.
• The discussions reportedly included Toyota Motor Corporation’s chief financial officer and a senior executive overseeing strategy and global operations.
• Bankers point to Toyota Kirloskar’s record FY25 results and dominant hybrid share as support for a float, which would follow Hyundai Motor India’s successful 2024 listing.