Hyundai India IPO will open next week between 1,865-1.960 rupees.

Sources said that Hyundai Motor India will begin accepting subscriptions next week. The price per share will be in the range 1,865-1,960 rupees (22-23 dollars), they added. This would value the automaker up to $19 Billion in this country's largest stock offering of the year.

Three sources who have direct knowledge of the IPO said that it will be open to institutional investors and retail during October 15-17.

Sources said that at the top of the price range, the company would be worth roughly $19 billion. They added that the stock was set to begin trading in Mumbai, India on October 22.

Hyundai has not responded to all queries.

It will be the first IPO in India in 20 years, since Maruti in 2003. This comes just after Indian stock exchanges reached record highs with many companies debuting.

Hyundai will not be issuing new shares during the IPO, which will see its South Korean parent sell up to 17,5% of its stake to retail investors and other investors through a route called "offer for sales".

(source: Reuters)