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 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.

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.

Till now, Life Insurance Corporation of India was the biggest-ever IPO in India, raising Rs 21,008 crore in 2022, followed by One 97 Communications' (Paytm) Rs 18,300-crore public issue in 2021, and Coal India's Rs 15,

The listing of Hyundai’s India unit is set to break the record set by Life Insurance Corp. of India, which raised $2.7 billion in 2022. It would also be one of Asia’s biggest IPOs in recent years.

(Reuters) - 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 $3 billion IPO would offer shares at a price range of 1,865 rupees to 1,960 rupees ($22 to $23) per share, valuing Hyundai's Indian unit at up to $19 billion.

Hyundai aims to raise $3.3 billion in its initial public offering of its India unit, reports said Tuesday, which would make it the country's biggest stock market debut.

Hyundai Motor India Ltd is preparing for a Rs 27,870 crore initial public offering. This aims to increase local involvement in their operations. The IPO will be open to the public from October 15 to October 17.

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.