NEW DELHI -South Korea’s Hyundai Motor is looking to sell a stake of up to 17.5% in the initial public offering of its India unit, draft papers filed with the country’s markets regulator showed on Saturday, in what could be India’s biggest ever IPO.
Hyundai Motor will offer up to 142 million shares for sale in the IPO from a total of 812 million, according to the filing with the Securities and Exchange Board of India (SEBI).
India’s second-biggest car maker behind Maruti Suzuki, Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling part of its stake in the wholly owned unit to retail and other investors via a so-called “offer for sale” route.
Hyundai Motor India will be the country’s first car maker to go public in two decades since Maruti Suzuki in 2003.
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