The company plans to offer 142.2 million shares or 17.5% of Hyundai Motor India as part of the IPO, Bloomberg News reported, citing a draft prospectus filed by the firm.

While the pricing is still unclear, local media reports have suggested that the company is looking to raise US$2.5 billion to US$3 billion through the IPO.

India’s biggest IPO was the 2022 listing of the state-run Life Insurance Corporation of India, in which the government raised US$2.7 billion by selling a 3.5% stake.

Hyundai will be looking to capitalise on India’s booming stock market, which recently pipped Hong Kong to become the fourth largest in the world.

The South Korean company has been operating in India for more than two decades and is the country’s second biggest by sales.

It is one of the few foreign automotive giants to make a mark in India, with US rivals Ford and General Motors both failing to crack the local market.

The Times of India newspaper suggested in January that Hyundai was planning to invest billions of dollars in India to ramp up production, roll out new cars, and expand in the world’s most populous country.