Hyundai Motor to Sell Shares in Hyundai Motor India for IPO

SEOUL (Reuters) – Hyundai Motor (OTC:HYMTF) announced in a regulatory filing on Tuesday that it will sell 142 million shares it holds in Hyundai Motor India for the latter's initial public offering (IPO). The South Korean automaker stated that it will still maintain an 82.5% stake, equating to 670 million shares, after the sale.

Hyundai Motor indicated that the pricing range for the IPO has not yet been finalized.

According to sources, the company aims to raise $3 billion at a valuation of approximately $20 billion. This IPO would mark the first time a carmaker has gone public in India in two decades, with the last being market leader Maruti Suzuki's IPO in 2003.