(Bloomberg) -- Hyundai Motor Co. is seeking a valuation of $19 billion for the initial public offering of its India unit, people familiar with the matter said, in what could be the nation’s biggest listing.
The carmaker, which plans to sell a 17.5% stake in the business, may raise about $3.3 billion at the current valuation target, the people said, asking not to be identified because the deliberations are private. The listing of Hyundai Motor India Ltd. is likely to take place in Mumbai on Oct. 22, the people said.
A mix of foreign and local institutional investors including asset managers, insurers, pension funds and sovereign wealth funds has expressed preliminary interest in buying shares in the IPO, the people said. Hyundai may file updated documents with India’s stock market regulator one more time as soon as Monday, the people added.
Deliberations are ongoing and details such as the size of the offering, value and timing may change, the people said.
A representative for Hyundai referred a request for comment to its India unit. A representative for Hyundai Motor India declined to comment.
Hyundai was among companies winning approval from market regulator Securities and Exchange Board of India this week.
An IPO of that size would break the record set by Life Insurance Corp. of India, which raised 206 billion rupees ($2.5 billion) in 2022. It would also be one of Asia’s biggest IPOs in recent years.
Riding on the country’s economic growth and with foreign and local investors putting money into the market, Indian listings have already raised more than $9 billion this year, or roughly double the figure for the same period in 2023, Bloomberg-compiled data show.
--With assistance from P R Sanjai, Devidutta Tripathy and Heesu Lee.
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