Shares of Hyundai Motor rallied 6% and hit a 52-week high of KRW 2,85,000 on the Korean Exchange after the company’s Indian arm filed for an Initial public offering (IPO) to raise $3 billion (Rs 25,000 crore). 

In its regulatory filing, the South Korea’s leading car manufacturer said that its Indian unit has submitted IPO documentations with Securities Exchange Board of India (SEBI) and the listing of its India unit will be determined after the SEBI reviews the draft red herring prospectus (DRHP).

According to the DRHP, “The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 (over 142 million) Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges.”

The DRHP added that the listing of the company on the Indian stock exchange will enhance the company’s visibility and brand image and provide liquidity and a public market for equity shares in India. 

If the listing receives the approval from the market regulator, this will be India’s biggest IPO after the state-owned Life Insurance Corporation of India’s ipo of $2.7 billion back in 2022.

At 3:03 pm korea time, the shares of Hyundai Motor were trading 3.92% higher at Rs 2,79,000 on KRX.