Hyundai Motor said in a regulatory filing on Tuesday that it will sell 142 million shares it holds in Hyundai Motor India for the latter’s initial public offering.
The South Korean automaker said it will still hold 670 million shares in Hyundai Motor India, or an 82.5% stake, afterward.
Hyundai Motor said that an indicative range for the IPO pricing has not yet been finalised.
The South Korean company plans to raise $3 billion at a roughly $20 billion valuation, sources previously told Reuters.
This would make it the first carmaker to go public in India in two decades, following market leader Maruti Suzuki’s tab IPO in 2003.
