Hyundai Motor announced in a regulatory filing on Tuesday that it would sell 142 million (14.2 crore) of its Hyundai Motor India shares to make room for the company’s initial public offering (IPO).
The South Korean automaker then declared that it would keep an ownership stake of 670 million (67 crore) shares, or 82.5%, in Hyundai Motor India.
Hyundai Motor stated that they have not yet set an indicative range for the IPO pricing. According to individuals who previously spoke to Reuters, the South Korean company intends to raise $3 billion at a valuation of about $20 billion.
This would make it the first carmaker to go public in India in two decades, following market leader Maruti Suzuki’s IPO in 2003.
