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.

Hyundai Motor India's $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation.

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.