The initial public offering (IPO) of Hyundai Motor India Ltd. is expected to open for subscription on October 14. The price band for the issue will likely be announced by the middle of the coming week.

Capital markets regulator SEBI has cleared the IPO papers for Hyundai Motor India Ltd. The company plans to launch an IPO of up to 142,194,700 equity shares, each with a face value of ₹10.

A CNBC-TV18 report earlier had said that the potential valuation of Hyundai India’s IPO could be around ₹25,000 crore (nearly $3 billion) and the company is aiming to launch it in the first fortnight of October.

If successful, the IPO will surpass the current record held by Life Insurance Corporation (LIC) of India, which raised around $2.45 billion.

The upcoming public offer will consist entirely of an offer for sale by Hyundai Motor Company, the promoter and selling shareholder. Once completed, the shares offered will represent 17.50% of the total equity share capital of Hyundai Motor India.

According to Neha Agarwal, MD and Head of Equity Capital Markets at JM Financial Institutional Securities, the Hyundai IPO is expected to draw strong interest from both domestic and foreign institutional investors (FIIs).

In an interview with CNBC-TV18, Agarwal explained that every new paper in the Indian market, including initial public offerings (IPOs), Qualified Institutional Placements (QIPs), and block deals, is attracting massive demand. “I think Hyundai will not be an exception,” she said.