Hyundai Motor India plans to sell 175 stake for up to 3 billion

South Korean automotive giant Hyundai Motor Co's Indian subsidiary, Hyundai Motor India Limited, has filed draft papers to the Securities and Exchange Board of India (Sebi) to raise around $3 billion through an initial public offering (IPO), aiming for a valuation between $18 billion to $20 billion, according to a report in Moneycontrol.

If the listing proceeds as planned, this transaction, which is a pure Offer For Sale (OFS) by the promoter, would become the largest IPO in India's corporate history, surpassing the previous record set by the state-owned LIC's $2.7 billion listing in 2022, the report said.

The July 14 Draft Red Herring Prospectus (DRHP) stated, "The objects of the offer are to carry out the offer for sale of up to 142,194,700 equity shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the equity shares on the stock exchanges."