"Hyundai Motor goes public in India on the 22nd of this month...26 trillion won in corporate value"

Hyundai Motor's Indian subsidiary is likely to be listed on the Indian stock market on the 22nd, Bloomberg reported, citing sources on the 5th local time.

Bloomberg said Hyundai Motor India expects to raise $3.3 billion (about 4.5 trillion won) by disclosing 17.5% of its total stake in the company at $19 billion (about 25.6 trillion won).

To that end, it will submit one more complementary document to Indian stock market regulators as early as the 7th, adding that details such as the size of the IPO, corporate value and the timing of the listing could change as the review is underway.

Hyundai Motor filed a preliminary document on IPOs with the Indian Securities and Exchange Commission (SEBI) in June and said it plans to sell up to 17.5% of its stake in the Indian subsidiary.

It is an open sale method in which shares are offered without issuing new shares.

If it goes as expected by Hyundai Motor, it will be the largest IPO in the Indian stock market. The previous record is an example of the Indian Life Insurance Corporation raising $2.5 billion (about 3.4 trillion won) in 2022.

Hyundai established its India subsidiary in 1996 and mass-produced its first model twin tro at its Chennai plant in Tamil Nadu in 1998.

India is the third largest automotive market after China and the United States, and is seen as a key emerging market.

Hyundai is India's second-largest carmaker by sales after Maruti Suzuki.