Representational image of the Hyundai logo.
| Photo Credit: AP

South Korea’s Hyundai Motor is exploring an initial public offering (IPO) for its Indian unit to raise at least $3 billion, two sources familiar with the matter said on Monday.

Hyundai Motor India is also in early stage talks for an IPO later this year that could value the company at $25 billion-$30 billion, the sources said.

While Hyundai’s plan for an IPO later this year is not finalised, it could potentially be the country’s biggest stock market offering, the sources said.

The company is exploring “value unlocking for its India business” through the IPO, the two sources said.

A spokesperson at Hyundai’s India unit declined to comment.

Hyundai, India’s second-largest carmaker by sales, has said it plans to invest $2.45 billion in the country for its electrification push with plans to launch new EVs, charging stations and a battery pack assembly unit.

The carmaker, which entered India more than 20 years ago, has 15% share of the Indian car market and competes with Maruti Suzuki and local rival Tata Motors.