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 Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of 1,865 to 1,960 rupees ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year.

The India IPO will be Hyundai's first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.

The $3 billion IPO will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17, said three sources with direct knowledge, who declined to be named as the discussions are confidential.

At the upper end of the price band, the company will roughly be valued at $19 billion, the sources said, adding the stock is set to start trading in Mumbai on Oct. 22.

Hyundai did not immediately respond to Reuters queries.

Hyundai is India's second largest automaker after Maruti and is looking to reclaim market share from domestic rivals by expanding its SUV lineup.

It also plans to launch its first India-made electric vehicle early next year and introduce at least two gasoline-powered models tailored to the market starting in 2026.

Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via a so-called "offer for sale" route.

The South Korean automaker said on Tuesday it will still hold 670 million shares in Hyundai Motor India, or an 82.5% stake, after the IPO.