By Dhwani Pandya MUMBAI (Reuters) -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 Motor India's GMP has witnessed a sharp decline, dropping by over 50% in the past week. As of October 11, the grey market premium (GMP) fell to Rs 170, down from Rs 370 on October 4, marking a significant 54% drop from earlier levels.

Hyundai Motor India is set to make its debut on the Indian stock market next week, with its initial public offering (IPO) priced between ₹1,865 and ₹1,960 per share ($22 to $23), according to a Reuters report that quoted insiders familiar with the matter.

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 I

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.

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.