Hyundai will launch a $3 billion India IPO next Monday at 1,865-1.960 rupees per shares, according to sources

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.

Hyundai will list on the Indian stock exchange for the first time outside of South Korea. It will be the first time in India in 20 years that a car manufacturer has gone public since Maruti Suzuki went public in 2003. This comes after Indian stock market records were broken and many companies made their debuts.

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.

Hyundai, India's second-largest automaker behind Maruti, is expanding its SUV line to gain market share back from rivals.

The company also plans to introduce two new gasoline-powered vehicles to the market in 2026.

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".

Hyundai Motor India will retain 82.5% of its shares, or 670 million, in the South Korean automaker after the IPO.

(source: Reuters)