The South Korean auto giant Hyundai launched its initial public offering (IPO) on Tuesday, billed as India's biggest stock market debut, worth about $3.3 billion (€3.05 billion).

The first carmaker to go public in India since Maruti Suzuki in 2003, Hyundai is offering 142 million shares for sale, which represents about 17.5% of the total shares of its Indian arm.

Retail bidding, priced at 1,865 rupees ($22.20/€20.35) to 1,960 rupees per share, is expected to continue until Thursday. The stock market listing is expected to begin on October 22.

Already India's second-largest carmaker by sales, Hyundai is keen to build on the advantage gained by its early entry into the national market in 1996. Last year, Hyundai sold over 605,000 vehicles in India, a 9% increase from the previous year. It hopes the additional funds will help close the market share gap with leader Maruti Suzuki.

India already has the third-largest auto sector in the world — and it is growing fast. Last year, more than 4.1 million vehicles were sold. The auto sector is a major pillar of the economy and the country's large, growing consumer base and........

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