By Dhwani Pandya MUMBAI (Reuters) -Hyundai Motor plans to use proceeds from a $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 Motor India’s IPO will be open from October 15-17, marking the largest public issue in India's history. Set at Rs 1,865-1,960 per share, the IPO aims to raise up to Rs 27,856 crore.

Hyundai Motor Co. is seeking to raise as much as $3.3 billion through an initial public offering of its Indian unit, people familiar with the matter said, kicking off the country’s biggest-ever listing.