Hyundai Motor prices Rs 24,000 crore IPO at Rs 1,865-1,960 per share

Hyundai IPO: Hyundai Motor India has set a price range of Rs 1,865 ($22) to Rs 1,960 ($23) for its initial public offering (IPO) that opens next week for subscriptions, an vertisement in a daily newspaper showed on Wednesday.

Indian unit of Korean carmaker is offering a discount of Rs 186 per share to eligible employees in IPO, vertisement showed.

$3 billion IPO, India's largest ever, will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and or categories during Oct. 15-17.

Hyundai is set to offer 14.22 crore existing shares in its highly anticipated initial public offering ( IPO ), according to a regulatory filing by its parent company, Hyundai Motor. 

filing indicates that IPO will not involve any fresh share issuance, with offering potentially valued at up to Rs 25,000 crore. Furr details, including price band and IPO date, will be disclosed at a later stage.

Hyundai’s IPO would be largest initial public offering in India after LIC's initial share sale of Rs 21,000 crore. 

development marks a major milestone for Indian industry, as it is first automaker's initial share sale in over two deces, following Japanese automaker Maruti Suzuki 's listing in 2003.

South Korean parent is diluting some of stake through OFS route. Since public issue is completely an OFS, Hyundai Motor India Ltd, which is second largest carmaker in India after Maruti Suzuki India, will not receive any proceeds from IPO.