The Indian subsidiary of South Korean automotive giant Hyundai Motor is set to make its stock market debut this week following a record initial public offering (IPO), according to industry officials on Monday.

Shares of Hyundai Motor India are set to start trading on the Indian stock market on Tuesday, following last week’s $3.3 billion IPO subscription process.

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It marks Hyundai Motor’s first listing outside South Korea and the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corporation of India (LIC) in 2022, which then raised $2.5 billion.

The IPO price band has been fixed at Rs 1,865-Rs 1,960 per share. The IPO is a pure offer for sale (OFS) and the entire proceeds will go to the promoter.

India serves as a key global production base for the Korean automotive giant. Last year, Hyundai produced 765,000 vehicles in India, reports Yonhap news agency.

Hyundai Motor India is the second-biggest carmaker in India, following Japan’s Maruti Suzuki. Industry observers are keen on whether the company can enhance its local competitiveness through the listing on the Indian stock market.

The South Korean automotive giant has made aggressive investments in India in recent years.

Last year, Hyundai acquired General Motors’ manufacturing plant in India’s western city of Pune. The company is currently upgrading the facility with a smart manufacturing system, aiming to achieve a production capacity of over 200,000 units annually.

Once the Pune plant becomes operational in the second half of next year, Hyundai Motor India will have a combined annual production capacity of 1 million units when leveraging both the Chennai and Pune plants.

Additionally, Hyundai Motor plans to expand the number of electric vehicle (EV) charging stations in India to 485 by 2030.

Together with affiliate Kia Corp., Hyundai Motor has entered into a strategic partnership with Indian battery giant Exide Energy this year.

Hyundai plans to introduce the Creta EV, which is the electric version of the company’s first India-specific Creta SUV, in 2025. The model will be the first EV produced locally at the Chennai plant.

The company plans to introduce five EV models in the Indian market by 2030 to meet the growing demand for EVs in the country.