(Bloomberg) -- Hyundai Motor Co. is planning to file for an initial public offering for its India unit as soon as this month, according to people familiar with the matter, with a potential listing planned by the end of the year.

The automaker is seeking to raise about $2.5 billion in an IPO, the people said, which would make it one of the biggest on record in India, following Life Insurance Corp. of India’s 206 billion rupee ($2.5 billion) offering in 2022. 

Hyundai is potentially seeking a valuation of as much as $25 billion, the people said, asking not to be identified discussing private information. 

A Hyundai representative didn’t respond to a request for comment. 

The Economic Times reported earlier Tuesday that Hyundai’s India unit is likely to file a draft prospectus with the market regulator over the next two weeks.

Hyundai’s advisers for the first-time share sale include Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Kotak Mahindra Bank Ltd. and Morgan Stanley, Bloomberg News has reported previously. 

While no final decisions on details such as size and timing have been made, if Hyundai goes ahead with an IPO it will use the proceeds to expand operations. Hyundai Motor India Ltd. is India’s second-biggest carmaker by sales. 

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