The South Korean automaker plans to raise $3 billion at a roughly $20 billion valuation, sources previously told Reuters.
It will become the first carmaker to go public in India in two decades, following the IPO of market leader Maruti Suzuki in 2003.
Hyundai India did not respond to a request for comment outside business hours.
The automaker is looking to grab market share from increasingly formidable domestic rivals like Tata Motors by expanding its SUV lineup.
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It plans to launch its first India-made electric vehicle early next year and introduce at least two gasoline-powered models slated for market in 2026, three sources with knowledge of the company’s plans previously told Reuters.
The US And India is Hyundai’s third-largest revenue generator globally after South Korea, and it has invested $5 billion in the country with a commitment to pump in another $4 billion over the next decade.
Separately, Sebi also approved the IPO of SoftBank-backed food delivery giant Swiggy, targeting a valuation of around $15 billion and aiming to raise $1-1.2 billion, according to multiple sources familiar with the matter.
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