Hyundai aims to raise $3.3 billion in its initial public offering of its India unit, reports said Tuesday, which would make it the country’s biggest stock market debut.
The South Korean automaker has set the IPO’s price range at 1,865 rupees ($22.20) to 1,960 rupees per share, Bloomberg reported, citing people familiar with the matter.
Hyundai plans to sell 142.2 million shares, or 17.5 percent of its India unit, as part of the IPO, according to the firm’s earlier filings with India’s stock market regulator.
“The IPO effectively values India’s second-biggest carmaker by sales at $19 billion if shares are priced at the top end of the range,” the Bloomberg report said.
Bids will open next week, and shares will start trading on October 22.
The listing looks set to beat India’s previous biggest IPO, which was the 2022 listing of state-run Life Insurance Corporation of India. The government raised $2.7 billion by selling a 3.5 percent stake.
Hyundai will be looking to capitalise on India’s booming stock market, which has stoked an initial public offering frenzy over the last two years.
Start-ups and companies have scooped up billions of dollars from domestic and foreign investors.
The South Korean company has been operating in India for more than two decades, and is one of the few foreign automotive giants to make a mark in India, with US rivals Ford and General Motors both failing to crack the local market.
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