The Securities and Exchange Board of India (SEBI) has reportedly approved the proposed IPO of Hyundai Motor India.

What Happened: Hyundai Motor India, the Indian unit of South Korean automobile giant Hyundai Motor Co, is gearing up for the launch of its IPO, following the approval from SEBI, Moneycontrol reported. The IPO, estimated to raise around $3 billion (₹25,059 crore), is expected to hit the market in October, according to the report.

The proposed IPO, purely an offer for sale by the promoter, is set to break the record of the country’s biggest IPO ever, currently held by state-owned LIC’s $2.7 billion (₹22,553 crore) listing in 2022.

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Hyundai Motor India, which ranks second in the country’s automobile industry after Maruti Suzuki, submitted its draft red herring prospectus (DRHP) to the regulator in June, targeting a valuation of around $18 billion-$20 billion (₹1.50 lakh crore – ₹1.67 lakh crore).

The primary aim of the IPO is to execute the offer for sale of up to 14.21 crore equity shares of the face value of ₹10 each by the promoter selling shareholder and to reap the benefits of listing the equity shares on the stock exchanges.

The transaction is being advised by Citi, HSBC Securities, JPMorgan, Kotak Mahindra Capital and Morgan Stanley, while law firms Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, and Latham and Watkins are acting as legal advisors.

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