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A $3.3-billion initial public offering by Hyundai Motor India was fully subscribed on the final day of bidding on Thursday, with domestic banks and mutual funds buying into the country's first automaker to go public in two decades.

As companies rush to go public after a sharp run-up in the Indian equities market this year, Hyundai Motor's first listing outside South Korea ranks as India's biggest ever and the world's second-largest IPO in 2024.

Subscription on the final day was driven by qualified institutional buyers, including foreign investors, domestic banks and mutual funds, who bid for 3.13 times the 28.3 million shares reserved for them.

The exercise began on Tuesday but was led until Thursday by employees, who bid for 1.56 times the 7,78,400 shares allotted to them.

Retail investors, however, had bid for just 44% of the shares earmarked for them.

Hyundai India is targeting a market valuation of $19 billion, at the upper end of the IPO price band of 1,960 rupees ($23.32). That values the company at about 40% of its Korean parent.

Its shares are expected to make their trading debut on Oct. 22.