BlackRock Inc., Singapore's GIC Pte, and Capital Group are among the investors bidding for shares in Hyundai Motor India Ltd.'s $3.3 billion initial public offering (IPO). This IPO, set to take place in Mumbai, is poised to be the largest in India's history, attracting significant interest from both local and international institutional investors.

The IPO's anchor book has been fully allocated, with half of the shares going to domestic institutions and the other half to international investors. The anchor portion includes approximately 42.4 million shares, as detailed in the prospectus. Representatives from Hyundai, BlackRock, Capital Group, and GIC have not commented on the matter.

Hyundai Motor Co. has set the IPO price range between 1,865 rupees ($22.21) and 1,960 rupees per share, with plans to sell up to 142.2 million shares, representing a 17.5% stake in the company. At the upper end of this price range, Hyundai Motor India would be valued at around $19 billion.

This listing will surpass the previous record held by Life Insurance Corp. of India, which raised $2.7 billion in 2022, making it one of the largest IPOs in Asia in recent years. The enthusiasm for India's economic growth and high valuations has led to a surge in IPO activity, positioning India as the busiest IPO market globally. Over $9 billion has been raised through more than 250 IPOs this year, with more significant listings anticipated, including that of Indian food delivery platform Swiggy Ltd.

The main subscription period for Hyundai Motor India's IPO opens next week, with shares expected to begin trading on October 22.