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Hyundai Motor India Limited, the Indian arm of the South Korean auto giant, is set to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for an IPO to raise around $2.5 billion-$3 billion. 

If the listing gets the green signal from the regulator, it will be the country’s biggest IPO after the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion listing in 2022.

The entire issue is likely to be an offer for sale (OFS) by the company which expects to sell 140 million to 150 million shares.

In FY24, Hyundai Motor India was the country’s second-largest carmaker after Maruti Suzuki (in terms of passenger sales volumes).

The company established its first Indian manufacturing plant in 1998 and a second one in 2008.

In April this year, Euisun Chung, Hyundai Motor Group's executive chair, laid out a vision to bolster its operations in India to utilise the country as a key export hub for the South Korean automaker.

Over the past year, Hyundai Motor Group has announced new investment plans in India totalling approximately 5 trillion won ($3.75 billion), reflecting the group's intent to better target one of the fastest-growing major automotive markets in the world.

Regarding Hyundai's EV business direction, Chung said Hyundai will "play an active role in electrification through specialised EV development for the Indian market" and envisioned the group leading India's clean mobility sector by the time EV adoption becomes mainstream by 2030, according to Yonhap news agency.

Hyundai Motor has long established India as one of its largest global production bases.