(Bloomberg) -- BlackRock Inc., Singaporean sovereign wealth fund GIC Pte and Capital Group are among those that have made bids to buy stock in Hyundai Motor India Ltd.'s $3.3 billion initial public offering, according to people familiar with the matter.
The record-breaking IPO in Mumbai is also attracting other local and international institutional investors, the people said, asking not to be identified as the information isn't public.
The so-called anchor book for the IPO, which is set to be the biggest ever in India, has been fully allocated, with half going to domestic institutions and the other half to international investors, the people said. The anchor investor portion consists of as many as 42.4 million shares, according to the prospectus.
Representatives for Hyundai, BlackRock, Capital Group and GIC declined to comment.
The price range for the IPO of Hyundai Motor Co.'s India unit was set at 1,865 rupees ($22.21) to 1,960 rupees a share on Wednesday, with the parent selling as many as 142.2 million shares, or a 17.5% stake. At the top end of the range, Hyundai Motor India is valued at about $19 billion.
The listing of India's second-largest carmaker by sales is set to break the record set by Life Insurance Corp. of India, which raised $2.7 billion in 2022. It would also be one of Asia's biggest IPOs in recent years.
Investor enthusiasm for India's growth and lofty valuations has encouraged a record number of companies to go public, making the nation the world's busiest IPO market. More than $9 billion has been raised through over 250 IPOs this year, and other large listings are in the pipeline, including Indian food-delivery platform Swiggy Ltd.
The main books for Hyundai Motor India's IPO open next week and the shares are scheduled to start trading on Oct. 22.
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