Hyundai plans to go public for $3 billion, possibly the largest IPO in India.
After Maruti Suzuki in 2003, Hyundai Motor India will be the nation's first automaker to go public in 20 years.
The South Korean parent company of Hyundai Motor will sell up to 17.5% of the company when it lists on the Mumbai stock exchange, potentially making it the largest offering in the country. Hyundai Motor's India unit requested regulatory approval for the listing on Saturday.
The pricing of the IPO and the company's value were not disclosed in the prospectus that was filed, but sources have told Reuters that Hyundai hopes to raise between $2.5 and $3 billion at a valuation of up to $30 billion.
Hyundai, the second-largest automaker in India after Maruti Suzuki, will not issue new shares during the initial public offering (IPO), in which its South Korean parent company would sell a portion of its ownership in the wholly owned subsidiary to retail and other investors through a process known as a "offer for sale."
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