Hyundai Motor India is about to make history with a massive $3.3 billion initial public offering set for Oct. 22.

This will be the largest IPO in Indian stock market history, and Hyundai plans to use the funds to ramp up production in the country and accelerate its push into the electric vehicle market.

India’s stock market regulator, the Securities and Exchange Board of India, gave the green light for Hyundai’s offering Wednesday. The company will sell 17.5 percent of its Indian subsidiary’s shares -- about 142.19 million shares -- at a price range of 1,865 to 1,960 rupees per share ($22 to $23). With this, Hyundai could raise as much as 4.46 trillion won (around $3.3 billion), surpassing the previous record set by Life Insurance Corporation of India’s $2.5 billion IPO in 2022. After the listing, Hyundai Motor Company’s ownership in its Indian arm will drop to 82.5 percent.

The company is betting big on India. Most funds will go toward expanding its manufacturing capabilities, as Hyundai aims to make India its second-largest production hub after South Korea. Currently, Hyundai has two plants in Chennai with a production capacity of 820,000 vehicles a year. By late 2024, when a third plant in Pune is completed, this capacity will rise to 1 million units per year.

Hyundai is also planning to ramp up its presence in the EV space in India, a market set to boom in the coming years. The company has already outlined plans to build a specialized line of EVs designed for Indian consumers and will install 485 EV charging stations across the country by 2030 to support the growing demand for cleaner, greener cars.

India is a key part of Hyundai’s global strategy. The country’s car market is growing at breakneck speed; last year alone, it was the third largest in the world, selling 4.1 million passenger cars, behind only China and the US. Hyundai, which has been in India since 1996, is the second-biggest automaker in the country, with over 8.24 million vehicles sold to date, just behind market leader Maruti Suzuki.

Hyundai Motor Group Executive Chair Chung Euisun has made multiple trips to India over the last two years. Speaking at Hyundai’s headquarters in Gurgaon, Haryana during his April visit, he emphasized the company's plans for India.

“Our vision is to make India a central player in our global export strategy as we continue to grow in emerging markets. We’re dedicated to bringing India to the forefront of the EV revolution, with EVs designed for the local market and major investments in the infrastructure needed to support them,” he said.

An official from Hyundai Motor India added that the company wants to be seen as more than just a foreign carmaker.

“This listing marks a major milestone for us as we deepen our presence in India, one of the fastest-growing markets globally. By reinvesting most of the IPO proceeds locally, we’re committed to becoming a true Indian company with long-term roots here,” the official said.