Hyundai aims to raise $3.3 billion in record India IPO next week

New Delhi: Hyundai Motor Co. is seeking to raise as much as $3.3 billion through an initial public offering of its Indian unit, people familiar with the matter said, kicking off the country’s biggest-ever listing, Bloomberg reported.

Hyundai Motor India Ltd. set the price range at 1,865 rupees ($22) to 1,960 rupees per share, the people said, asking not to be identified because the information is not public yet. The price range was reported earlier in the day by Reuters.

With Hyundai selling 142.2 million shares, or a 17.5% stake, 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 — a valuation Bloomberg News reported on Friday citing people familiar.

The unit isn’t selling any new shares in the IPO and the entire proceeds will go to the parent firm.

The IPO will open for bids next week from October 15 to October 17, and shares are expected to start trading from Oct. 22, according to the red herring prospectus published Tuesday.

The listing of Hyundai’s India unit is set to break the record set by Life Insurance Corp. of India, which raised $2.7 billion in 2022.

It would also be one of Asia’s biggest IPOs in recent years.