Hyundai Motor India set to price shares at top of range to raise $3.3 billion, sources say By Reuters

By Kane Wu and Scott Murdoch

(Reuters) -Hyundai Motor India is set to price its shares at 1,960 rupees to raise $3.3 billion in its initial public offering, according to two sources with direct knowledge of the matter.

That price is at the top of the 1,865 rupees to 1,960 rupees range flagged to investors when the deal was launched.

Hyundai India is selling 142.2 million shares, according to the company’s filings, which will make it the largest IPO ever in India by the amount raised.

The sources could not be named as they were discussing confidential information.

Hyundai India did not immediately respond to a request for comment.

Hyundai India is not issuing new shares in the IPO. South Korean parent Hyundai Motor (OTC:) Corp will instead sell about 17.5% of the wholly-owned unit, giving it a value of about $19 billion.

After the share sale, Hyundai India will make up about 40% of Hyundai Motor’s market capitalisation.

Anchor investors bought about $989 million in shares at 1,960 rupees, according to the company’s exchange filings.