Hyundai Motor India Limited received Sebi's approval for a $3 billion IPO, set to be India's largest, surpassing LIC's $2.7 billion listing.

South Korean auto giant Hyundai Motor Co’s Indian subsidiary, Hyundai Motor India Limited (HMIL), has gotten the market regulators with its proposed Initial Public Offering (IPO) valued at approximately $3 billion.

India's biggest IPO is set to hit the floors, with markets regulator Sebi approving the draft red herring prospectus of Hyundai Motor's Rs 25,000-crore offer-for-sale. The IPO is expected to be launched in Oct and follows a series of public offers that have hit the markets recently.

Hyundai Motor India has obtained approval for its initial public offering from the Securities and Exchange Board of India, according to two sources familiar with the situation. The South Korean automaker plans to raise $3 billion at a roughly $20 billion valuation,

Hyundai Motor India is set to make a significant splash in the Indian IPO market. The South Korean automaker has secured SEBI approval for its $3 billion IPO, valuing the company at around $20 billion.