Seoul/New Delhi, Oct 10 : The Indian subsidiary of Hyundai Motor is seeking to raise up to 4.4 trillion won ($3.26 billion) through an initial public offering (IPO), according to the carmaker on Thursday.

Hyundai Motor said in a regulatory filing to the South Korean Financial Supervisory Service that the price band for the IPO for Hyundai Motor India Ltd has been set between Rs 1,865-Rs 1,960 (29,970-31,480 won). Shares are expected to begin trading on October 22.

The announcement follows the Seoul-based parent company's decision on Tuesday to sell 17.5 per cent of its 812.54 million shares in the subsidiary, reports Yonhap news agency.

Given that the final IPO is confirmed within the price band, Hyundai Motor India could raise between 4.2 trillion and 4.4 trillion won through the public offering.

When confirmed, it would mark the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corporation of India in 2022, which then raised $2.5 billion.

The overall market value of Hyundai Motor India is expected to reach between 25 billion won and 26 trillion won based on the current exchange rate. It plans to open the public subscription for shares from October 15-17, with a potential listing in the Mumbai stock market as early as October 22.

Hyundai Motor India said it aims to further focus on sustainable business practices and maintain global governance standards while actively pursuing success in India.

Hyundai Motor established the Indian subsidiary in 1996, and it would be the first carmaker to go public in India in around two decades.

After the listing, Hyundai India's market cap could be almost half the valuation of its Seoul-listed promoter company Hyundai Motors at $47 billion.

Hyundai India is the second largest car company in the country after Maruti Suzuki. The company's market share is around 15 per cent. Nearly one in four Hyundai cars is sold in India now.

/IANS