South Korean automaker Hyundai Motor’s India unit will raise more than $3 billion in what would be the biggest-ever initial public offering in India. Hyundai Motor India’s share sale, which would beat the previous Indian IPO record of around $2.

The Rs 27,870 crore mega initial public offering (IPO) of India’s second largest carmaker, Hyundai Motor India Ltd (HMIL), closed on October 17 with an oversubscription of 237 per cent, or 2.4 times. The public issue received applications for 23.63 crore shares as against a total offering of 9.97 crore shares.

A $3.3-billion initial public offering by Hyundai Motor India was fully subscribed on the final day of bidding on Thursday, with domestic banks and mutual funds buying into the country's first automaker to go public in two decades.

The much-anticipated initial public offering (IPO) of Hyundai Motor India Ltd, which stands as the largest in Indian history, has completed its subscription process. The Rs 27,870.16 crore IPO, open from October 15 to October 17,

Investors can check the Hyundai Motor India IPO allotment status on the official website of the registrar for the IPO, Kfin Technologies Ltd. and on the BSE website.

Hyundai India's shares in the grey market are now trading at a discount of around Rs 30 against the upper end of the IPO price of Rs 1,960

As the public issue is solely an OFS, Hyundai Motor India Ltd, which stands as the second largest car manufacturer in India after Maruti Suzuki, will not receive any proceeds from the IPO.

Hyundai India's $3.3 billion IPO was subscribed in 42% on the second day of bidding on Wednesday, led mostly by employees, who were offered shares at a discount and already oversubscribed their part of the offer.

Hyundai Motor India's share allocation subscription for its initial public offering (IPO) exceeded 200% amid keen interest from institutional investors.