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.

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.

QIBs portion subscribed 6.97 times. Retail individual investors shun issue as subscription lagged at 0.5 times after premium in the gray market nosedived.