Hyundai India will begin taking orders for its IPO in Mumbai on Wednesday, valued at approximately US$3.3 billion.

This IPO is poised to be the largest in India’s history and the second largest worldwide this year, following Lineage Inc.’s $5.1 billion IPO in July.

LSEG data shows over 260 companies have raised more than US$9 billion in 2024, continuing last year’s momentum when only US$7.42 billion was raised.

During this IPO, Hyundai will not issue new shares; rather, its South Korean parent company intends to sell up to 17.5% of its stake in its wholly-owned Indian subsidiary, projected to reach a market capitalization of US$19 billion.

This strategy may enable Hyundai India to claim approximately 40% of Hyundai Motor’s total market capitalization.

Institutional investors can begin placing bids on Wednesday, followed by retail and other investors on Thursday and Friday. The stock is expected to commence trading next Tuesday.

Hyundai India is currently the second-largest automaker in the country, following Maruti Suzuki.