SEOUL (Reuters) – Hyundai Motor (OTC:) stated in a regulatory submitting on Tuesday that it’s going to promote 142 million shares it holds in Hyundai Motor India for the latter’s preliminary public providing. The South Korean automaker stated it can nonetheless maintain 670 million shares in Hyundai Motor India, or an 82.5% stake, afterward.
Hyundai Motor stated that an indicative vary for the IPO pricing has not but been finalised.
The South Korean firm plans to boost $3 billion at a roughly $20 billion valuation, sources beforehand informed Reuters.
This could make it the primary carmaker to go public in India in twenty years, following market chief Maruti Suzuki’s IPO in 2003.
