Hyundai prices $3 billion India IPO at 1,865-1,960 rupees per share

Hyundai Motor India announces its IPO price range of 1,865 to 1,960 rupees, opening for subscriptions next week.

Hyundai Motor India has set a price range of 1,865 rupees ($22) to 1,960 rupees ($23) for its initial public offering (IPO) that opens next week for subscriptions, a advertisement in the Financial Express newspaper showed on Wednesday.

Hyundai Motor India sets its IPO price between 1,865 and 1,960 rupees, launching next week. Eligible employees will receive a 186 rupee discount. The $3 billion IPO, the largest in India, opens for institutional subscriptions on Oct. 14 and retail bids from Oct. 15-17.

The Indian unit of the Korean carmaker is offering a discount of 186 rupees per share to eligible employees in the IPO, the advertisement showed.

The $3 billion IPO, India's largest ever, will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17.