BlackRock Inc., Singaporean sovereign wealth fund GIC Pte and Capital Group are among those that have made bids to buy stock in Hyundai Motor India Ltd.’s $3.3 billion initial public offering, according to people familiar with the matter.

Hyundai Motor plans to use proceeds from a record $3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

Hyundai will roll out a $3.3 billion initial public offering of its India unit next week, executives said Wednesday, the biggest stock market debut in the world's fastest-growing major economy.

The Indian arm of the South Korean carmaker will be making investments towards capacity expansion, product and platform development, new launches, etc.

Hyundai Motor India will launch its IPO next week, marking parent Hyundai's first listing outside South Korea and India's first carmaker IPO since 2003.

The Rs 27,856 crore IPO of Hyundai Motor India shall open for bidding between October 15-17 as it will sell shares in the range of Rs 1,865-1,960 apiece with a lot size of 7 shares.

Hyundai Motor said on Wednesday it plans to use proceeds from a record $3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

The Indian subsidiary of Hyundai Motor Co. is seeking to raise up to 4.4 trillion won (US$3.26 billion) through an initial public offering (IPO), according to the carmaker Thursday. Hyundai Motor Co.