Hyundai's $3.3 billion India IPO to kick off next week

Mumbai: Hyundai will roll out a $3.3 billion initial public offering of its India unit next week, executives said Wednesday, the biggest stock market...

Mumbai: Hyundai will roll out a $3.3 billion initial public offering of its India unit next week, executives said Wednesday, the biggest stock market debut in the world's fastest-growing major economy.

The price range for the IPO has been set at 1,865 rupees ($22.20) to 1,960 rupees per share, according to the company's draft prospectus.

The listing will see the South Korean automaker sell a 17.5 percent stake in its India arm, putting its business value at $19 billion if the shares are priced at the upper end.

Bidding for the IPO will start on October 15, with reports saying the shares are expected to list on October 22.

The listing will eclipse the 2022 listing of state-run Life Insurance Corporation of India, where the government raised $2.7 billion by selling a 3.5 percent stake.